Crypto custody firm Fireblocks has unveiled its new Fireblocks Network for Payments, positioning it as a stablecoin equivalent to the SWIFT banking network. The network combines on- and off-ramps, liquidity providers, banks, and stablecoin issuers into a unified system designed to provide higher efficiency and lower risk compared to current fragmented solutions.
The network already includes over 40 participants, with major partners including Circle (developer of USDC), Stripe's stablecoin platform Bridge, Zerohash, and Yellow Card. According to Fireblocks, the network will span more than 100 countries and support 60 currencies, handling over $200 billion in stablecoin payments monthly.
Fireblocks CEO Michael Shaulov described the network as solving accessibility issues: "Fireblocks is the backbone of stablecoin payments. By introducing unified APIs and workflows purpose-built for stablecoin use cases, the Fireblocks Network for Payments gives institutions the ability to move value securely across every provider, blockchain, or fiat rail."
The launch comes amid rapid stablecoin growth, with the sector's market cap climbing from around $200 billion at the start of 2025 to over $280 billion in August. According to Fireblocks' own research, 90% of financial institutions are already integrating stablecoins in some way, primarily citing transaction speeds and lower costs as key benefits.