In a groundbreaking initiative that promises to revolutionize cross-border payments, Sling Money has unveiled its US and European Virtual Accounts. These accounts integrate the ease of traditional payment rails with the efficiency offered by tokenization, potentially ushering in a new era for international money transfers.

Global Reach and Accessibility

Sling Money allows users to route payments into either a U.S. account and routing number or a European IBAN directly into their Sling Wallet. This innovation enables recipients to receive funds in both dollars and euros, thus broadening the scope of global transactions.

Seamless Integration with Existing Systems

Achintya Chandra, a cryptocurrency analyst at Javelin Strategy & Research, commented on Sling Money’s platform: “Sling has merged local banking systems like ACH with stablecoins into a unified app. This integration significantly reduces friction in cross-border payments.” Founded three years ago and launched in the U.S. last November, Sling Money is now operational in over 75 countries and aims to expand its services further.

Partnership with Stripe

Another significant milestone for Sling Money was the acquisition by Stripe of Bridge, a regulated financial infrastructure provider. This partnership allows Bridge’s technology to convert incoming payments into stablecoins such as the Pax Dollar or Euro Coin. These stablecoins are then transferred to users’ wallets, where they can be held until converted back into local currency.

Hugentobler noted, “This move by Stripe signals their commitment to leading with stablecoin infrastructure and seamless payment applications. Sling Money’s use of this technology positions it as a pioneer in regulated crypto payments.” This alliance strengthens Sling Money’s credibility and potential for scalability within the rapidly evolving fintech landscape.

The Role of Stablecoins

According to the Bank for International Settlements, stablecoins like bitcoin and ether facilitated around $600 billion worth of cross-border transactions in Q2 2024. This data underscores the growing acceptance and effectiveness of stablecoins as a payment method.

Hugentobler added, “This trend highlights the validity of using stablecoins for payments. Sling Money is well ahead of its competitors by already enabling regulated crypto payments through Bridge.”