Fireblocks Launches “Swift for Stablecoins” to Power Cross-Border Transfers (BS-S38)

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SWIFT for stablecoins

Last week, Fireblocks unveiled the Network for Payments, a platform connecting financial institutions, corporates, and payment providers to enable cross-border transfers using stablecoins. Unlike a new blockchain, the network acts as a connectivity and messaging layer, integrating local payment rails, stablecoin issuers, FX providers, and liquidity partners across jurisdictions, a role comparable to SWIFT in traditional banking.

Why it matters

The launch builds on the Fireblocks Network, introduced in 2019 and now connecting 400+ institutions, including many global banks. Originally focused on crypto trading and custody, securing more than $10 trillion in assets, the network has evolved rapidly as corporate demand for faster, cheaper cross-border settlement has grown.

“It’s only in the last two years that we’ve seen a real shift toward payments on our network, with around $200 billion a month now flowing primarily through stablecoin use cases,” said Richard Astle, VP Business Lead for the Fireblocks Network. “Cross-border transfers, particularly to and from emerging and frontier markets, still carry a high degree of friction, even when stablecoins are used.”

How it works

The Network for Payments is Fireblocks’ answer to that challenge. Instead of forcing institutions to integrate separately with dozens of providers, the platform acts as a single connectivity layer. Through one API, institutions can access local on/off-ramps, stablecoin issuers, FX desks, payment processors, and blockchain settlement options across 100+ countries and 60 currencies.

Stablecoin-based settlement : In a typical “stablecoin sandwich” flow, fiat is on-ramped into stablecoins, transferred onchain, and then converted back into local currency at the destination.

Client-controlled routing: Unlike Circle’s CPN or other systems, Fireblocks does not decide which rails to use. Institutions select their own providers and corridors, keeping full control over routing and compliance.

Built-in compliance tooling : While Fireblocks does not set policy, the network supports embedded KYT, sanctions checks, Travel Rule data, and beneficiary verification, making it easier for participants to adapt to local regulatory requirements.

Connectivity and messaging only : Crucially, Fireblocks stays out of the flow of funds. By positioning itself as a technology provider rather than a financial intermediary, it aims to avoid additional licensing and regulatory burdens.

What’s next

Adoption will depend on the network’s ability to onboard providers at scale. Fireblocks already integrates with 40 service providers and 300 payment companies, including Banxa, Bridge, Yellow Card, and Reap. On Tuesday, Fireblocks also announced a partnership with Circle that enables network users to leverage Arc, the USDC issuer’s Layer-1 network. But stablecoin payments are likely just the beginning.

“We don’t want to compete with these networks; we want to integrate with them so our clients can use them,” Astle added. “Trading was the first wave of the Fireblocks Network, stablecoin payments are the second, and the same trusted infrastructure layer can support future use cases such as onchain securities and tokenized assets.”

L'avis de Blockstories

Fireblocks’ initiative is welcome for users like our neobank Group Olky, but key challenges remain.The company must show its solution is competitive and not just another layer of intermediation. Timing is also critical: networks like Swift and Visa are already building similar capabilities for crypto payments, benefiting from global coverage, deep integrations with clearing agents, and generally competitive pricing.

We are still at the early stages, and opportunities remain. But only players that solve unmet needs or offer bundled services with real added value around stablecoin issuance and distribution will succeed alongside incumbents already operating at scale.