Stripe, a prominent figure in payment infrastructure worldwide, is now making its entrance into the stablecoin market to align with the sector's growth. CEO Patrick Collison recently announced that the company is actively working on a stablecoin-based product, a significant development following years of internal discussions.

Collison shared that Stripe had long been considering this project and has now found the right climate to progress. Although detailed information about their plans remains scarce, they intend to initially target businesses outside the US, the EU, and the UK.

This initiative by Stripe follows its recent acquisition of Bridge for $1.1 billion in February, a company specializing in stablecoin infrastructure. Bridge's technology is expected to form the basis for Stripe's upcoming digital currency endeavors.

Stripe's decision to delve into stablecoins aligns with the company's interest in blockchain technologies and aims to offer businesses more efficient ways for cross-border transactions. This move by Stripe reflects the industry trend, as other major fintech companies are also exploring stablecoins.

The stablecoin market, currently dominated by Tether (USDT) and Circle (USDC), is projected to reach over $2 trillion in circulation by 2028 according to analysts. To ensure stability and trust within the industry, lawmakers are working on legislation such as the STABLE Act and the GENIUS Act, focusing on liquidity requirements and anti-money laundering standards.