Fireblocks has unveiled a network specifically tailored for the movement of stablecoins among crypto and financial institutions.  

The Fireblocks Network for Payments provides a suite of stablecoin on/off-ramps, OTC providers, banks, and more, all accessible via APIs.  

The network’s primary objective is to facilitate global payment flows, encompassing cross-border treasury operations, payouts, remittance, and merchant settlements.  

It allows for the synchronisation of local payment rails with blockchain technology, eliminating the need for institutions to choose between transaction speed, regulatory compliance, and control over the payment process. 

Currently, the network includes over 40 providers such as Circle, Paxos, and Sygnum, with more expected to join.  

These entities are already operational on the Fireblocks Network. 

Incorporating compliance into the transaction layer, the Fireblocks Network for Payments ensures that every transaction adheres to AML, KYT, and sanctions checks, along with beneficiary data and wallet verification. 

It also manages travel-rule requirements through Fireblocks’ own capabilities and collaborations with organisations including Notabene, Elliptic, and Chainalysis.  

This feature enables institutions to enter new markets while maintaining security standards and regulatory compliance. 

The network connects local payment rails, blockchains, stablecoin issuers, liquidity partners, FX providers, and remitters across more than 100 countries and over 60 currencies.  

More than 40 providers and 300 payment companies are currently active on the platform, handling over $200bn in stablecoin payments monthly. 

Fireblocks CEO Michael Shaulov, in a conversation with the Fortune, pointed out that the company’s pre-existing network was initially developed for crypto trading and not specifically for stablecoin transactions. 

He noted that the company had not yet established a streamlined process for easy stablecoin conversion and international fund transfers. 

Shaulov also mentioned that this new stablecoin network supports multiple stablecoins, unlike the Circle Payments Network, which is limited to USDC.