Sling Money, a peer-to-peer payments app utilizing stablecoins and the Solana network, has launched for users with US bank accounts. Conceived as a global equivalent to Venmo, the app employs Paxos’ USDP stablecoin for instant low-cost transactions. Founded in 2022 by Mike Hudack, Sling Money has already deployed in over 75 countries. The app offers faster bank transfers and charges no transfer fees, making it competitive against incumbent platforms like Venmo, which charges 1.5-3% for instant bank withdrawals. Hudack aims to capture Venmo's market share by focusing on international payments. Besides stablecoins, Sling Money plans to leverage RTP and FedNow for faster transactions. Despite raising $20 million from investors like Union Square Ventures, Sling Money is positioned not merely as a crypto product but as a versatile payment solution aiming to enhance global financial connectivity. Hudack envisions a future where financial transactions are as seamless as communication technologies, connecting the world financially with efficiency and low cost.

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