Official announcements from Stripe or major financial news outlets

Stripe Acquires Stablecoin Platform Bridge for $1.1 Billion, Largest Crypto Acquisition to Date, Says Patrick Collison

Oct 25, 2024, 06:01 PM

Stripe has announced its acquisition of the stablecoin platform Bridge for $1.1 billion, marking the largest acquisition in the cryptocurrency sector to date. This strategic move is seen as a validation of the growing importance of stablecoins in the financial landscape, particularly as macroeconomic conditions shift. Analysts suggest that Stripe's investment aligns with increasing interest in stablecoin markets and potential profitability amid rising US debt levels. The acquisition comes at a time when regulatory scrutiny is intensifying, particularly towards major stablecoin players like Tether. Patrick Collison, Stripe's CEO, has been noted in discussions surrounding this acquisition, highlighting the significance of Bridge's valuation exceeding $1 billion.