Mt. Gox and US Government May Create $14B Bitcoin Selling Pressure

August 31, 2024 12:04 AM AEST | By Team Kalkine Media

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Mt. Gox and US Government May Create $14B Bitcoin Selling Pressure — Image source: shutterstock

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Bridge, a global stablecoin payment network co-founded by former Square and Coinbase executives Zach Abrams and Sean Yu, has secured $58 million in funding. The latest round includes a $40 million investment from prominent venture capital firms Sequoia and Ribbit, alongside contributions from Index Ventures and others.

Bridge aims to develop a global payment network centered around stablecoins, positioning itself as a competitor to traditional systems such as Swift and credit cards. The platform is already serving high-profile clients, including Elon Musk's SpaceX, which uses Bridge's services to manage payments across various currencies and integrate them into its global treasury through stablecoins. Additionally, Bridge collaborates with cryptocurrency firms like Stellar and the Bitcoin app Strike to enhance their stablecoin payment capabilities.

The stablecoin market continues to evolve, with a total capitalization of approximately $177.24 billion, according to CoinMarketCap. {Tether} (USDT) and USD Coin (USDC) remain the leading stablecoins, commanding significant market shares with capitalizations of $118.22 billion and $34.6 billion, respectively. The stablecoin market experienced a significant setback in 2022 when TerraUSD (UST) lost its peg to the US dollar, resulting in a major collapse financial losses. This event heightened regulatory scrutiny, culminating in a lawsuit by the US Securities and Exchange Commission in February 2023.

Despite these challenges, the stablecoin market persists as a viable financial tool. Traditional finance company PayPal has introduced PayPal USD (PYUSD), a dollar-backed stablecoin issued by Paxos Trust Company, a US-regulated crypto custodian. PYUSD has recently surpassed $1 billion in market capitalization, competing with other regulated, dollar-backed stablecoins such as USDC.

Bridge's focus on stablecoins reflects a broader trend in the financial industry, aiming to leverage the advantages of blockchain technology to improve the efficiency and global reach of payment systems.

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