Crypto custody firm Fireblocks has rolled out its own stablecoin payments network, targeting the inefficiencies of today’s scattered infrastructure. The platform connects issuers, banks, fintechs, and liquidity providers, and already handles over $200 billion in transactions monthly, according to the company.
The move positions Fireblocks at the center of one of 2025’s fastest-growing segments: enterprise-grade stablecoin settlements.
A SWIFT-Style Push for Stablecoins
Described by Fireblocks as a “stablecoin SWIFT”, the new infrastructure is designed to eliminate fragmentation across current stablecoin systems. Instead of routing transactions through disconnected on/off-ramps and opaque platforms, Fireblocks’ network offers a unified payments layer for digital dollars.
The company said more than 40 participants have already onboarded, including Circle—issuer of USDC and Bridge, a stablecoin platform acquired by Stripe in 2024. Combined, these partners already process over $200 billion in monthly stablecoin payments.
“The existing rails are too scattered to support institutional scale,” Fireblocks said in Thursday’s announcement. “This network is built to fix that.”
Stablecoins Surge Past $280 Billion
The timing aligns with explosive growth across the stablecoin sector. According to data cited by Grayscale, total monthly stablecoin settlement volume hit $800 billion in June. Meanwhile, the market cap of stablecoins jumped from $200 billion in January to $280 billion in August, reflecting institutional demand for fast, dollar-pegged settlements.
Competing players such as Circle and Stripe are also building side infrastructure. Circle rolled out its own stablecoin payments network in April, while Stripe has leaned heavily into Bridge, acquired to support stablecoin and tokenized asset flows. Both companies are also building their own proprietary blockchains.
Broader Impact
Fireblocks’ move puts it in direct competition with some of the biggest names in stablecoin infrastructure. As transaction volumes climb and compliance frameworks tighten, whoever controls the payments backbone stands to define how digital dollars scale globally.
If the SWIFT comparison holds, Fireblocks may be setting the foundation for a cross-border, bank-grade standard in stablecoin settlement—and claiming a first-mover edge in the next phase of crypto-native finance.
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