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Mainstream processor interest in handling stablecoin transactions grows apace as Repay Holdings Corp., an Atlanta-based payments platform, announced late Thursday it has finished what it calls a proof of concept for consumer transactions on its system using the cryptocurrency. The company says the effort marks a “significant step” in its move toward processing transactions using blockchain-based currencies.
The test, which relied on the Stellar blockchain network, was aimed at allowing a consumer to complete transfers from a digital wallet to a wallet controlled by a Repay client. The operation relied on the USD Coin (USDC) stablecoin.
Repay says in a news release its interest in stablecoin transactions stems from factors including fast settlement, reduced transaction costs compared to conventional fiat-based payments, and a higher level of transparency “for certain payment use cases.” Specifically, the 20-year-old processor notes that it is preparing for what it sees as potential demand among billers and their clients for payments based on digital assets.
“As consumer interest in digital assets continues to evolve, we believe offering stablecoin payment options will become an important differentiator for our clients,” says David Guthrie, Repay’s chief technology officer, in a statement.
Payments companies are increasingly showing interest in stablecoins, as the digital currency promises transactions that could be less expensive for merchants and speedier for both processors and merchants than traditional electronic payments. Last month, stablecoins entered the world of agentic commerce with an announcement from Worldwide Stablecoin Payment Network that it had introduced W Agent, technology that can allow agents to find merchants, enter orders, and then transact in stablecoins.
Recent legislation has helped build a legal foundation for stablecoins, adding to processor’s confidence in handling transactions using digital currency. The Clarity Act, an effort to establish clear rules for digital assets, has been passed by the U.S. House of Representatives and is awaiting a full vote in the Senate. The Genius Act, an effort at establishing a regulatory framework for stablecoins, was signed into law last year.
Repay’s move toward stablecoins comes as the company has lately strengthened its position in bill-payment processing with its agreement in March to acquire Kubra Data Transfer LTD for $372 million.
