Slash, a forward-thinking San Francisco-based neobank, has unveiled its latest innovation—a payments and treasury platform powered by a brand-new U.S. dollar stablecoin, USDSL, issued by Stripe’s Bridge. This move, announced on Tuesday, marks a significant step for companies seeking seamless U.S. dollar access and cross-border payment solutions without the cumbersome need for a traditional U.S. bank account.
A New Era for Cross-Border Transactions
The introduction of Slash’s Global USD Account aims to revolutionize the way businesses handle cross-border payments. By leveraging its own stablecoin, USDSL, Slash allows users to store, send, and receive both dollars and stablecoins within a singular account. The goal? To slash settlement times and obliterate foreign exchange fees when dealing with U.S. suppliers—an enticing proposition for businesses navigating the complexities of international trade. As explored in our recent coverage of Alchemy’s latest upgrade, the speed and efficiency of stablecoin transactions continue to improve, further enhancing their appeal.
Stablecoins, which are cryptocurrencies pegged to external assets like the U.S. dollar, have ballooned into a $250 billion market. Their appeal lies in their promise of faster, more affordable international transactions. Interest in this sector has skyrocketed since the enactment of the GENIUS Act, signed into law by U.S. President Donald Trump, which sets new federal standards for stablecoin issuers. Global heavyweights like Amazon and Walmart are reportedly eyeing stablecoin products, and notable payment firms including PayPal and Stripe are making significant inroads into this burgeoning space. For a deeper dive into the regulatory implications, see our coverage of Hong Kong’s guidance on stablecoin issuers.
From Humble Beginnings to Bold Ambitions
Slash’s initial foray into the stablecoin arena allowed customers to transact in USDC and USDT without holding the tokens, with automatic conversions to U.S. dollars. “It’s super interesting because we were very much not a crypto company,” Slash CEO Cardenas remarked, highlighting his initial unfamiliarity with blockchain technology. The demand from wholesalers and marketing agencies for stablecoin payments, however, was a clarion call that could not be ignored. “So we shipped it for them,” he added.
This feature, launched last December, has already achieved an impressive annualized volume nearing $1 billion. This success story has emboldened Slash to expand its stablecoin offerings further. The firm is now targeting crypto companies that previously juggled multiple accounts across traditional banks, exchanges, and custody providers. The new suite of products allows clients to convert between stablecoins, manage balances, and off-ramp to U.S. bank accounts via ACH, wire, or SWIFT transfers—plus, they can earn yield on balances without triggering securities regulations.
Looking Ahead: Cards, Wallets, and More
Slash is not resting on its laurels. Future plans include launching a card enabling businesses to spend their stablecoin balances, and perhaps even a wallet to hold other crypto assets. The possibilities are enticing, hinting at an ecosystem that could redefine how businesses interact with digital currencies.
In May, Slash secured $41 million in a Series B funding round led by Goodwater Capital, placing its valuation at a robust $370 million. This injection of capital underscores the confidence investors have in Slash’s vision of transforming the financial landscape.
As stablecoins continue to gain traction, Slash’s innovative approach may well position it as a pivotal player in this rapidly evolving market. While the road ahead is fraught with regulatory and technological challenges, the potential rewards could be monumental. Will Slash’s bold strategy pay off? Only time will tell, but for now, the industry watches with bated breath.
Source
This article is based on: U.S Neobank Slash Debuts Stablecoin with Stripe’s Bridge for Global Business Payments
Further Reading
Deepen your understanding with these related articles:
- Top 8 USD Stablecoins By Market Cap Top $245 Billion in July
- Stablecoins Clash: South Korea’s Biggest Parties Propose Rival Legislation
- From skeptic to supporter: JPMorgan CEO now a 'believer' in stablecoins, blockchain
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
