Remitly, a leading player in the digital remittance market, has announced the integration of stablecoins for cross-border payments starting in September.
Integration of Stablecoins in Remitly
Remitly, based in the US, is starting to use stablecoins for cross-border payments via its Remitly Wallet service. This initiative reflects a growing interest in the use of stablecoins in remittances.
Partnership with Bridge
The partnership with Bridge, a Stripe company, aims to facilitate global disbursements. Remitly’s leadership emphasizes the importance of regulatory clarity and technological progress for the successful launch of this service.
Impact on the Market and Future Prospects
The integration of stablecoins could significantly impact financial markets, particularly in regions with unstable currencies. It is expected to enhance liquidity of stablecoins like USDC and USDT and inspire other financial institutions to explore similar solutions.
Remitly's adoption of stablecoins highlights a growing trend in the remittance sector where companies increasingly seek stable solutions for currency exchange.