SoftBank-backed Remote Collaborates with Stripe to Enable Global Stablecoins Payouts

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As a seasoned researcher with a background in both finance and technology, I find this partnership between Remote and Stripe to be a significant stride towards the mainstream adoption of stablecoins. Throughout my career, I’ve witnessed the challenges global businesses face when it comes to cross-border payments, particularly for hiring international talent. This partnership addresses one of those hurdles effectively by providing fast, flexible, and reliable payment solutions through stablecoins.

As a researcher, I’m excited to share that Remote, a company supported by SoftBank, has formed a strategic alliance with Stripe, a robust financial infrastructure platform based in California. This collaboration aims to facilitate effortless payroll processing using stablecoins. Initially, Remote will utilize Circle’s USDC, a stablecoin with a value of $1.00, on Base, an advanced Ethereum layer two solution backed by Coinbase Global Inc., to streamline the payroll process. This move is expected to provide greater stability and efficiency in our global hiring operations.

As an analyst, I’m excited to share that I’ll soon be able to process payroll using stablecoins, such as USDT, through Remote and Stripe, initially available for U.S.-based customers. However, Remote has strategic plans to expand this service to other countries and collaborate with other prominent stablecoins. In the United States, several stablecoins are regulated, including Tether (USDT), which currently boasts a market cap of $140.51 billion, with a 24-hour volume of $109.41 billion and minimal volatility. Additionally, Ripple Labs’ newly launched stablecoin, RLUSD, is also making waves in the industry.

One major challenge companies encounter when recruiting global talent is ensuring swift, adaptable, and dependable payments across different regions. By incorporating stablecoin disbursements through Stripe, we’re introducing a long-awaited feature for our clients, empowering them to pay contractors according to their preference, while upholding the compliance and ease-of-use that Remote is recognized for,” Job van der Voort, CEO and co-founder of Remote, stated.

How Remote and Stripe’s Partnership Advances Stablecoin Adoption

The collaboration between Remote and Stripe significantly advances the worldwide acceptance of stablecoins. Notably, Remote operates in over 60 countries globally and has the confidence of leading international companies such as Aston Martin, GitLab, SoundCloud, Hello Fresh, Epam, and many more.

Importantly, Remote has received substantial funding from various venture capital firms such as SoftBank Vision Fund 2, Accel, Sequoia, Index Ventures, General Catalyst, and B Capital, to name a few.

Opting for USDC on the Base network is a strategic move because it connects us to well-respected web3 organizations such as Coinbase, Circle, and benefits from Ethereum’s robust security features. Currently, the market cap of stablecoins on the Base network stands at approximately $3.54 billion, with over 1.2 million daily active users.

Worldwide expansion of the stablecoin sector is anticipated to accelerate in the upcoming years due to increased acceptance of digital assets and web3 solutions by institutional investors. As per current market statistics, the overall market capitalization of stablecoins surpasses $208 billion, with a daily trading volume approximately equal to $197 billion.

Tether’s USDT and Circle’s USDC make up a significant portion of the overall stablecoin market value, as they are actively traded on over 300 cryptocurrency platforms worldwide. As stablecoins are anticipated to face regulation in the U.S. during the Trump administration, industry analysts predict that this sector could attain a valuation of one trillion dollars in the upcoming years.

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2024-12-17 21:15