In a move that could redefine cross-border payments, Sling Money has introduced virtual accounts for both the United States and Europe—combining traditional payment methods with the efficiency of tokenization. According to Sling Money, these accounts are designed not just for peer-to-peer transactions but also for receiving payments in local currencies from multiple locations worldwide.
Integration with Local Banking Systems
Sling Money allows users to route payments into either a U.S. account and routing number or a European IBAN. These virtual accounts enable recipients to receive funds directly into their Sling Wallet in both dollars and euros, thereby simplifying the payment process.
Seamless App Experience
Said Joel Hugentobler, a Cryptocurrency Analyst at Javelin Strategy & Research: Sling Money has integrated local banking systems—such as ACH with stablecoins—into a single app. This significantly reduces friction in cross-border payments.”
Founding and Expansion
Sling Money, founded three years ago, launched its services in the U.S. last November and is now operational in more than 75 countries. The company plans to expand into using Real-Time Payments (RTP) and FedNow as additional payment rails.
Partnership with Bridge
A key development has been Stripe’s acquisition of Bridge, a regulated financial infrastructure provider that converts incoming payments into stablecoins such as the Pax Dollar or Euro Coin. Sling then transfers these stablecoins to users’ wallets, where they can be held within the app or converted to local currency.
Stablecoin Significance
The growing role of stablecoins in cross-border payments is highlighted by data from the Bank for International Settlements (BIS), which shows that bitcoin, ether, and other leading stablecoins facilitated approximately $600 billion in transactions during Q2 2024.
Competitive Edge
According to Hugentobler, This underscores the validity of stablecoins as a payment option. Sling Money is ahead of many competitors by enabling regulated crypto payments through Bridge.”