Payment processing giant Stripe has acquired the stablecoin platform Bridge for $1.1 billion, as reported by TechCrunch founder Michael Arrington. The acquisition is significant, marking one of the largest in the cryptocurrency space, and it aims to facilitate stablecoin transactions for businesses. The deal has been in advanced stages since at least October 17 and was confirmed by Arrington in a social media post on October 20. This acquisition represents the largest for the San Francisco and Dublin-based Stripe, which was valued at $70 billion earlier this year. The move follows Stripe's announcement of plans to support global stablecoin payments and the recent integration of the Circle USD (USDC) stablecoin into its payment services. Bridge operates as a stablecoin-based payments network designed to compete with traditional financial systems like SWIFT, enabling businesses to manage stablecoins efficiently. Bridge recently received $58 million in funding to bolster its operations.

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