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Bridge, a global stablecoin payment network co-founded by former Square and Coinbase executives Zach Abrams and Sean Yu, has reportedly raised $58 million in funding.&nbsp;
Bridge, which aims to develop a global payment network around stablecoins and rival traditional payment systems like Swift and credit cards, received funding from Sequoia, Ribbit and Index, among other investors.
<a data-ct-non-breakable="null" href="https://fortune.com/crypto/2024/08/29/bridge-stablecoins-sequoia-ribbit-index-haun-58-million/" rel="nofollow noopener" target="_blank" text="null">According</a> to a Fortune report, Bridge secured $58 million in previous undisclosed funding, which includes a recent $40 million investment by Sequoia and Ribbit. Bridge’s current customer base comprises Coinbase and SpaceX. Explaining the strategy in an interview with Fortune, Abrams said:
<blockquote>
 “Fintech is deeply rational. If you can do something that is faster, cheaper, and more economical, you win.”
</blockquote>
<h2 id="elon-musk-s-spacex-uses-bridgefor-payments">Elon Musk’s SpaceX uses Bridge&nbsp;for payments</h2>
According to the Fortune report, Bridge has high-profile clients like Elon Musk’s SpaceX. SpaceX utilizes its services to collect payments in various currencies across different regions and transfer them through stablecoins into its global treasury.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/anchorage-adds-paypal-stablecoin-yield-custody-platform" rel="null" target="null" text="null">Anchorage Digital adds PayPal stablecoin yield to custody platform</a>
Bridge also collaborates with cryptocurrency firms, including the Stellar blockchain and the Bitcoin app Strike, to supply the infrastructure for their stablecoin payment functionalities.
<h2 id="stablecoin-market-continues-to-grow-despite-historical-setbacks">Stablecoin market continues to grow despite historical setbacks</h2>
The total stablecoin market capitalization is currently at roughly $177.24 billion, <a data-ct-non-breakable="null" href="https://coinmarketcap.com/view/stablecoin/" rel="nofollow noopener" target="_blank" text="null">according</a> to data from CoinMarketCap. As shown in the chart below, the two leading stablecoins — Tether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/tether-price-index" rel="" target="_self" text="null">USDT</a>) and USD Coin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/usdc-price-index" rel="" target="_self" text="null">USDC</a>) — dominate the market with $118.22 billion and $34.6 billion in market capitalization, respectively.&nbsp;
<figure>
 <img alt="Former Square, Coinbase execs raise $58M for Bridge stablecoin network" name="" src="https://s3.cointelegraph.com/uploads/2024-08/0191a282-8e0a-7d89-aa97-3c81091d7179">
 <figcaption style="text-align: center;">
 Top stablecoin tokens listed by market capitalization with the largest first. Source: CoinMarketCap
 </figcaption>
</figure>
The stablecoin market had a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/terraform-labs-bankruptcy-hearing-september" rel="null" target="null" text="null">major setback in 2022</a> when the TerraUSD (UST) stablecoin lost its peg to the United States dollar, triggering a catastrophic collapse that wiped out billions of dollars in value. 
The event not only led to a loss of investor confidence but also attracted intense scrutiny from regulators, culminating in a lawsuit from the US Securities and Exchange Commission in February 2023.
Despite setbacks, the stablecoin market remains an attractive alternative investment tool. Traditional finance company PayPal has introduced PayPal USD (<a data-ct-non-breakable="null" href="https://cointelegraph.com/paypal-pyusd-price-index" rel="null" target="null" text="null">PYUSD)</a>, which is backed 1:1 by US dollars and issued by Paxos Trust Company, a US-regulated crypto custodian. It competes with other regulated, dollar-backed stablecoins such as USDC. PYUSD <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/paypal-pyusd-stablecoin-1-billion-market-cap" rel="null" target="null" text="null">recently surpassed $1 billion</a> in total market capitalization.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/musk-empire-exchange-listing-sandbox-web3-gamer/" rel="null" target="null" text="null">When Musk Empire listing? Find love in The Sandbox and more: Web3 Gamer</a>

Former Square, Coinbase execs raise $58M for Bridge stablecoin network

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