Crypto custody heavyweight Fireblocks has unveiled its own payments network to help participants move stablecoins around.
The Fireblocks Network for Payments is designed to combine on- and off-ramps, liquidity providers, banks and stablecoin issuers with higher efficiency and lower risk than currently exists when providers use more fragmented and disperse systems.
The network’s participants already number more than 40 and include Circle (CRCL), developer of USDC, and stablecoin platform Bridge.
Fireblocks described the new network as a stablecoin equivalent to SWIFT, which enabled banks around the world to more easily send money across borders, in an announcement on Thursday.
The network combines for over $200 billion in stablecoin payments each month, Fireblocks said. The monthly total for all stablecoin payments reached $800 billion in June, according to research cited by Grayscale.
Stablecoins, crypto tokens which are pegged to the value of a traditional financial asset such as a fiat currency, have undergone a boom in 2025, climbing to a market cap of over $280 billion in August from around $200 billion at the start of the year.
The proliferation of the sector has seen its largest players develop their own payments platforms to supplement this growth further. Stripe acquired Bridge last year to serve as its stablecoin platform, while Circle unveiled its own payments network in April.
Both firms are also developing their own proprietary blockchains for stablecoins and tokenized assets.