admin A New Era in Cross-Border Payments
Ramp has announced a significant expansion of its partnership with Stripe to launch stablecoin-backed corporate cards designed to streamline cross-border transactions for businesses. According to a press release issued on May 7, the new initiative will initially focus on select markets in Latin America, with plans to extend its reach to Europe, Africa, and Asia in the coming months.
The new financial solution is intended to address the common pain points experienced by businesses when moving money internationally. Currently, international payments often involve extended settlement periods of up to five business days, transaction fees exceeding $50, and potential financial risks due to currency fluctuations. With the introduction of stablecoin-backed corporate cards, Ramp aims to eliminate these challenges by allowing businesses to fund wallets using local currency and make card purchases that act as standard local payments.
Subham Agarwal, Director of Product and Head of Product Marketing at Ramp, highlighted the need for a more streamlined and reliable cross-border payment system. “The product we are developing in partnership with Stripe is about improving how businesses spend globally, empowering our customers everywhere with a radically simpler and more stable way to transact across borders,” Agarwal stated in the press release.
Financial Automation Tools for Emerging Markets
In addition to enabling more efficient international payments, the stablecoin-backed cards will provide businesses in emerging markets with access to Ramp’s suite of financial automation tools, a service previously available only to U.S. companies. The cards will also safeguard funds from local currency devaluation, offering a more predictable financial experience for international businesses.
Stripe Co-founder and CEO Patrick Collison emphasised the transformative potential of stablecoins and artificial intelligence in global finance, describing them as “gale-force tailwinds” reshaping the economic landscape.
The partnership announcement follows Ramp’s March valuation of $13 billion, during which the company outlined plans to accelerate product development and launch new solutions in 2025. The stablecoin-backed card initiative represents a key step in Ramp’s broader strategy to expand its reach and provide advanced financial tools to previously underserved markets.
With over 30,000 U.S. companies already using Ramp’s financial platform to manage expenses and streamline operations, the company aims to replicate its domestic success on a global scale through the integration of Stripe’s payment infrastructure and stablecoin-backed transaction capabilities.
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