Slash Launches Global USD Account

Slash, a San Francisco-based neobank for businesses, launched a payments and treasury platform powered by a new U.S. dollar stablecoin issued by Stripe’s Bridge on Tuesday.

Product Overview

The product, called the Global USD Account, is aimed at companies seeking U.S. dollar access and cross-border payments without a U.S. bank account. It introduces Slash’s own stablecoin, USDSL, which allows users to store, send, and receive dollars or stablecoins in one account, the company announced.

Benefits

This setup aims to shorten settlement times and eliminate foreign exchange fees for cross-border payments to U.S. suppliers, the company stated in an interview with CoinDesk.

Market Context

Stablecoins, a type of cryptocurrency pegged to external assets like the U.S. dollar, have grown into a $250 billion market, often seen as a faster, cheaper option for international payments. Interest in this sector has surged since U.S. President Donald Trump signed the GENIUS Act into law, establishing federal standards for stablecoin issuers.

Global banks and retailers, including Amazon and Walmart, are reportedly exploring stablecoin products, with payments firms like PayPal and Stripe making significant moves in the space. Notably, Stripe acquired stablecoin infrastructure firm Bridge last year for $1.1 billion.

Slash’s Stablecoin Introduction

Slash’s initial introduction to stablecoins allowed customers to send and receive USDC and USDT payments on the platform, converting them automatically to U.S. dollars without needing to hold the tokens. “It’s super interesting because we were very much not a crypto company,” said Cardenas. “But we had wholesalers and marketing agencies telling us we need to have stablecoin payments to accept money from customers at lower costs.”

Future Outlook

This feature, launched in December, now processes nearly $1 billion in annualized volume, motivating the firm to expand its stablecoin offerings. Slash now targets crypto companies needing to consolidate their treasury management that previously required separate accounts at traditional banks and exchanges. New products allow clients to convert between stablecoins, manage balances, and off-ramp to U.S. bank accounts through various transfer methods. Clients can also earn yield on their balances without triggering securities rules. Future plans include launching a card for stablecoin spending and a wallet for holding other crypto assets.

In May, Slash raised $41 million in a Series B round led by Goodwater Capital, valuing the company at $370 million.

Read more: PayPal Expands Crypto Payments for U.S. Merchants to Cut Cross-Border Fees