TerraPay Revolutionizes Cross-Border Payments with Stablecoin-Native Flows
TerraPay, a global payments infrastructure company, has made a significant move by adopting stablecoin-native flows for faster and more efficient cross-border payments. This shift, which has been in testing for a year, has been welcomed by industry leaders and is expected to revolutionise the global payments landscape.
The switch to stablecoin-native flows, facilitated by Fipto, a licensed custody and compliance provider, has significantly reduced transit times and eased liquidity pressure. This is due to the stablecoin sandwich model employed by TerraPay, which has also helped to minimise volatility, prefunding needs, and working capital pressure.
The move, hailed as a 'turning point' by Patrick Mollard, Co-founder & CEO of Fipto, is seen as the next step in global payments by Ambar Sur, Founder & CEO of TerraPay. TerraPay has partnered with major financial institutions such as Standard Chartered, Nium, and Covantis to use stablecoins as treasury infrastructure for cross-border payments. This enables clients to fund payout partners directly in stablecoins, where permitted by regulators, improving efficiency across new payment corridors, as noted by Sanjeev Gupta, TerraPay's Head of Treasury.
TerraPay's launch of stablecoin-native payment flows with Fipto, following a year of successful testing, has the potential to transform global payments. The partnership with major financial institutions and the improved efficiency across new payment corridors highlight the promise of this innovative approach. The industry's positive reception, led by Patrick Mollard and Ambar Sur, underscores the significance of this development.
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