Chime Considers Adding Stablecoin Support Amid Mainstream Adoption
Chime Financial Inc., the company behind no-fee banking app Chime, is exploring ways to let customers hold and move stablecoins directly within its app.
The news comes as more mainstream finance companies are embracing stablecoins, with Mastercard's recent purchase of BVNK, a stablecoin infrastructure company, and Visa's introduction of a service allowing financial institutions to create, transfer, and oversee stablecoins.
Stablecoins are tied to the US dollar and maintain a steady value, unlike some cryptocurrencies that fluctuate wildly in price. If Chime adds this feature, customers could use stablecoins for payments without opening a separate account at a cryptocurrency exchange.
The move is part of a larger trend as traditional banking and crypto intersect, with companies like Stripe Inc., BlackRock Inc., and Alphabet Inc. creating a shared stablecoin called Open USD, which will compete with Tether and Circle Internet Group Inc.'s tokens.