U.S Neobank Slash Debuts Stablecoin with Stripe’s Bridge for Global Business Payments
Slash, a San Francisco-based neobank catering to businesses, has launched a groundbreaking payments and treasury platform leveraging a novel U.S. dollar stablecoin. This platform, dubbed the Global USD Account, directly addresses the needs of companies seeking streamlined access to U.S. dollar transactions and efficient cross-border payments, even without a U.S. bank account. The platform’s core innovation is USDSL, Slash’s proprietary stablecoin, enabling users to seamlessly store, send, and receive dollars or stablecoins within a unified account.
This integrated approach significantly accelerates settlement times and eliminates foreign exchange fees associated with international payments to U.S. suppliers. Stablecoins, cryptocurrencies pegged to assets like the U.S. dollar, represent a rapidly expanding $250 billion market, increasingly recognized for their speed and cost-effectiveness in international transactions. This sector’s growth has been further fueled by the GENIUS Act, establishing federal standards for stablecoin issuers. Major players, including Amazon, Walmart, PayPal, and Stripe (which acquired Bridge, a stablecoin infrastructure firm, for $1.1 billion), are actively exploring stablecoin applications.
Slash’s initial foray into stablecoins involved enabling USDC and USDT payments, automatically converting them to U.S. dollars for clients. This feature, launched in December, already processes nearly $1 billion annually and proved instrumental in inspiring the development of the more comprehensive Global USD Account. The new platform caters to crypto companies seeking consolidated treasury management, eliminating the need for separate accounts across banks, exchanges, and custody providers.
Clients can now seamlessly convert between stablecoins, manage balances, and access U.S. bank accounts via ACH, wire, or SWIFT transfers. They can also earn yield on their balances without triggering securities regulations. Future developments include a business spending card linked to stablecoin balances and a potential wallet for other crypto assets. Slash’s recent $41 million Series B funding round, led by Goodwater Capital, values the company at $370 million, underscoring investor confidence in its innovative approach to business finance.
