Stablecoin money movement firm Bridge raises $58 million in funding

The web3 payment firm Bridge has raised a total of $58 million in funding.

Started by former Coinbase and Square employees, the firm has backers including Sequoia, Ribbit, Index and Haun Ventures, according to a company post on X.

Bridge is building a stablecoin-powered money movement platform, offering services such as payouts, cross-border payments and exchanging foreign currencies. It has already partnered with Bitso for business-to-business cross-border payments undergirded by stablecoins in Latin America.

"We're building stablecoin Orchestration and Issuance as a service," Bridge explained in the post. "Orchestration provides simple APIs to easily convert between any two dollar formats (USD/EUR, USDC, PYUSD, USDT, etc.). Issuance gives developers the ability to convert any of these dollars into a stablecoin they can customize and benefit from. Our Orchestration and Issuance APIs make it possible for any company and team to offer digital dollar-based services to their end consumers or businesses."

The total stablecoin supply reached 176.6 million as of Aug. 28, The Block's Data Dashboard shows. Tether's USDT holds a 70.7% share of the stablecoin supply, while Circle's USDC accounts for 20.6%.