Ramp, a high-growth corporate card and financial operations platform in the United States, and Stripe, which specializes in providing programmable financial services to consumers, are scaling up their partnership to launch the industry’s first stablecoin-backed corporate cards.
The firms reported that as part of the announced product, users will be given access to fully integrated software designed to solve problems related to cost management. The companies ambitiously and at the same time, not without sufficient reason, claim that, in the context of their respective efforts, they are forming a new standard in global commerce. From the point of view of a specific expected practical result in the context of joint actions of brands, the main positive consequence should be a significant simplification of the international transaction process. Moreover, the companies intend to speed up this process.
The firms noted that their stablecoin-backed corporate cards allow consumers to make faster settlements. Moreover, attention was drawn to the fact that in this case, advantages such as lower costs, built-in protection against currency volatility, and seamless card issuance will be provided.
It was also noted that businesses will be able to fund wallets with Ramp using the local currency, which is converted into stablecoins. Besides, in this case, the possibility of depositing virtual coins directly is provided.
Card purchases will work as standard local payment transactions. Also, in this case, the advantage is that the funds will be stored in dollars. This will provide protection against the volatility of local currencies.
As we have reported earlier, Stripe Announces New Products to Help Businesses Harness AI and Stablecoins.
