Stablecoin firm Bridge targets Asian markets for tokenized non-dollar currencies
Bridge, now part of Stripe, sees growth potential in tokenizing local currencies like the Singapore dollar to serve regional businesses. Founder Zach Abrams notes that most stablecoins are dollar-denominated, but local currency tokens could enable faster cross-border payments and yield generation. The company already supports euros, pesos, and pounds, with Brazilian reais coming soon.
Bridge was founded in San Francisco in 2021 by Abrams and Sean Yu, raising $58 million from Sequoia and Haun Ventures before Stripe's $1.1 billion acquisition in 2024. By that year, the firm was processing over $5 billion in annualized payment volume, with SpaceX among its clients using the technology to move Starlink earnings back to the U.S.
The company currently supports tokenized euros, Mexican pesos, and British pounds, with Brazilian reais planned. Over 95% of stablecoin transactions remain dollar-denominated, reflecting the sector's early stage. Asia's regulatory environment, including frameworks in Singapore and Hong Kong, is still catching up compared to the U.S.
The push to tokenize non-dollar currencies could reshape how businesses in emerging markets handle cross-border payments, potentially reducing reliance on U.S. dollar intermediaries. Local currency stablecoins may offer faster settlement and yield opportunities for regional firms, but adoption depends heavily on regulatory clarity. Governments wary of dollar dominance might view these tokens favorably, yet concerns about financial stability