Payment giant Stripe has finalized a massive $1.1 billion acquisition of the stablecoin platform Bridge, marking a significant shift in the payment processing landscape. The deal is one of the largest in crypto history and sets the stage for Stripe to lead the charge in stablecoin infrastructure.

Bridge CEO Zach Abrams confirmed the acquisition on Oct. 21, expressing excitement about the future under Stripe’s leadership. Stripe’s CEO Patrick Collison echoed these sentiments, highlighting plans to build "the world’s best stablecoin infrastructure."

TechCrunch co-founder Michael Arrington was the first to break the news on Oct. 20, revealing that this acquisition is Stripe’s largest to date. With its dual headquarters in San Francisco and Dublin, Stripe was valued at $70 billion earlier this year and processed over $1 trillion in payments during 2023.

The move comes just months after Stripe’s co-founder John Collison announced plans to support stablecoin payments globally. Recently, Stripe integrated Circle’s USDC stablecoin into its payment interface, further reinforcing its commitment to the Web3 space.

Bridge, founded in 2022 by former Coinbase executives Zach Abrams and Sean Yu, offers a stablecoin-based payments network that has been seen as a competitor to traditional systems like SWIFT. The platform allows businesses to manage and accept stablecoin payments, offering a decentralized alternative to conventional finance.

This acquisition strengthens Stripe’s position in the evolving digital payment ecosystem, signaling a future where stablecoins play a central role in online transactions.