In a groundbreaking announcement at Solana Breakpoint 2024, Bridge has unveiled a revolutionary feature that allows users to spend stablecoins directly using a card, marking a significant leap forward in the practical application of cryptocurrency for everyday transactions.

Summary

Marco Mahrus, representing Bridge, took the stage at Solana Breakpoint 2024 to introduce Bridge's latest innovation in the world of cryptocurrency payments. Bridge, an API platform for stablecoin payments, has expanded its services to include a game-changing feature: the ability to spend stablecoins directly using a card, everywhere that cards are accepted.

This new functionality, developed in collaboration with Squad Labs, enables users to create a card account within their cryptocurrency wallet, such as the Fuse wallet. The card is linked to the user's stablecoin balance, allowing for seamless transactions in the real world. This development represents a significant step forward in bridging the gap between cryptocurrency and traditional financial systems.

Mahrus also highlighted the impressive growth in cross-border money movement using blockchain technology, with over $4 trillion expected to move on-chain in P2B transactions this year. Additionally, he noted the increasing popularity of stablecoin-based wallets for earnings and savings management across the global south, with tens of millions of users already adopting this technology.

Key Points:

Stablecoin Orchestration

Bridge's core offering is stablecoin orchestration, which allows developers to easily convert between fiat currencies (like US dollars or Euros) and various stablecoins. This includes conversions between different stablecoins and even cross-chain transfers, such as moving USDT on Tron to USDC on Solana. This flexibility is crucial for enabling seamless global transactions and provides a foundation for their new card spending feature.

The ability to move effortlessly between different currencies and stablecoins addresses one of the major pain points in cross-border transactions. By simplifying this process, Bridge is making it easier for businesses and individuals to operate in a global economy, reducing friction and potentially lowering costs associated with international money movements.

Stablecoin Card Spending

The headline announcement from Bridge is the introduction of a card that allows users to spend directly from their stablecoin balance. This feature is being launched in collaboration with Squad Labs and will be available through wallets like Fuse. Users can create a card account within their wallet app, going through a simple terms of service and KYC process.

What sets this card apart is that it's a self-custody product, meaning users maintain control over their assets. The card balance is delegated from the main wallet account and controlled via daily spend limits, all enabled through Squad's protocol smart account. This approach combines the security and control of self-custody with the convenience of traditional card spending.

User Experience and Functionality

Mahrus emphasized the modern and user-friendly experience of the new card feature. Within the wallet app, users can view their card number, set daily spending limits, see recent transactions, and manage their entire spending history. The card is compatible with contactless payment systems like Apple Pay, making it usable for both in-person and online transactions.

This seamless integration of cryptocurrency spending into everyday life represents a significant step towards mainstream adoption. By providing a familiar card interface and functionality, Bridge is making it easier for people to use their digital assets in the real world, potentially accelerating the acceptance of cryptocurrencies as a viable alternative to traditional fiat currencies.

Facts + Figures

• Over $4 trillion in cross-border money movement is expected to go on-chain in P2B transactions this year.
• Tens of millions of users across the global south are choosing to receive earnings and manage savings in stablecoin-based wallets.
• The new stablecoin card can be used everywhere traditional cards are accepted.
• The card is a self-custody product, allowing users to maintain control over their assets.
• Daily spend limits can be set and controlled via smart contract technology.
• The card is compatible with contactless payment systems like Apple Pay.
• Users can view their entire transaction history within the wallet app.
• The feature is being launched in collaboration with Squad Labs.
• The initial rollout will be available through the Fuse wallet.

Top quotes

1. "Bridge is an API platform for payments using stablecoins."
2. "Stablecoin orchestration enables developers to easily go from a US dollar or a Euro into any stablecoin and back from a stablecoin back to fiat."
3. "This year in P2B we'll see over $4 trillion of cross-border money movement go on chain."
4. "Today we're announcing not just the ability to earn and save and manage in stablecoins but also to be able to spend via a card that spends directly from that stablecoin balance."
5. "Users on the Fuse wallet would be able to natively within the wallet create a card account."
6. "This is a self-custody card product users will maintain control over their assets."
7. "Users will be able to see their number, set a daily spending limit, see recent transactions and manage the whole history of card spend all natively within the app."

Questions Answered

What is Bridge?

Bridge is an API platform for payments using stablecoins. It provides stablecoin orchestration services, allowing developers to easily convert between fiat currencies and various stablecoins, as well as between different stablecoins. This functionality is crucial for enabling seamless global transactions and forms the foundation for their new card spending feature.

What new feature did Bridge announce at Solana Breakpoint 2024?

Bridge announced a new feature that allows users to spend stablecoins directly using a card. This card can be used everywhere traditional cards are accepted, including for in-person and online transactions. The feature integrates directly with cryptocurrency wallets, such as the Fuse wallet, allowing users to manage their card spending from within the wallet app.

How does the new stablecoin card work?

The stablecoin card works by allowing users to create a card account within their cryptocurrency wallet app. The card balance is delegated from the user's main wallet account and controlled via daily spend limits. Users can view their card number, set spending limits, see recent transactions, and manage their entire spending history all within the wallet app. The card is compatible with contactless payment systems like Apple Pay.

Is the stablecoin card a custodial product?

No, the stablecoin card is a self-custody product. This means that users maintain control over their assets at all times. The card balance is delegated from the user's main wallet account and controlled via smart contract technology, ensuring that users retain ownership and control of their funds while still enjoying the convenience of card spending.

How significant is the cross-border money movement on blockchain?

According to Marco Mahrus, this year alone, over $4 trillion in cross-border money movement is expected to go on-chain in P2B (person-to-business) transactions. This significant figure highlights the growing importance and adoption of blockchain technology in global financial transactions.

Who is Bridge collaborating with for this new feature?

Bridge is collaborating with Squad Labs to launch this new stablecoin card spending feature. The initial rollout will be available through the Fuse wallet, but it's likely that the feature will expand to other wallets in the future.

How does this new feature impact cryptocurrency adoption?

This feature represents a significant step towards mainstream adoption of cryptocurrencies. By allowing users to spend their stablecoins directly using a familiar card interface, Bridge is bridging the gap between the cryptocurrency world and traditional financial systems. This ease of use could potentially accelerate the acceptance and everyday use of digital assets.

What is the significance of stablecoin use in the global south?

Marco Mahrus mentioned that tens of millions of users across the global south are choosing to receive their earnings and manage their savings in stablecoin-based wallets. This trend indicates a growing trust in and reliance on cryptocurrency technologies in regions that may have less stable traditional financial systems or limited access to banking services.