New Platform Aims to Simplify Stablecoin Swaps and Cash-Outs
Fintech payments provider Unlimit has launched a non-custodial platform designed to act as a clearinghouse for major stablecoins and provide direct global off-ramps. The company stated that the service will simplify stablecoin swaps by pairing decentralized exchange mechanics with its existing global payments network.
According to an announcement on Tuesday, the platform will enable users to swap and cash out stablecoins through a single interface. This initiative aims to reduce fragmentation in the stablecoin market by offering “gasless” and zero-commission conversions.
Unlimit describes the service as the “first non-custodial stablecoin clearing house,” offering direct off-ramps in more than 150 currencies.
Founded in 2009 in London, Unlimit provides payment infrastructure to businesses across 200 jurisdictions worldwide, according to the company’s website.
In a statement, CEO Kirill Eves said stablecoins are increasingly functioning as a digital “extension of the US dollar” and framed the platform as a way to “connect the world of DeFi with traditional finance.”
The company has not yet specified which stablecoins the platform will initially support.
Fintechs Increase Focus on Stablecoin Market
Several global fintech payment companies have recently expanded their presence in the cryptocurrency space, with a particular focus on the stablecoin sector.
In May, Stripe introduced stablecoin-based accounts that allow customers to send, receive, and hold balances in USDC (USDC) and Bridge’s USDB (USDB), functioning similarly to traditional dollar accounts. This feature, made possible through Stripe’s 2024 acquisition of Bridge, has been rolled out to clients in over 100 countries.
In October, Revolut launched 1:1 conversions between U.S. dollars and major stablecoins, enabling its 65 million users to exchange up to $578,630 every 30 days without fees or spreads. This update was intended to reduce friction between fiat and cryptocurrency, according to a LinkedIn post from Leonid Bashlykov, Revolut’s head of crypto product.
In November, Jack Dorsey’s fintech company, Block (formerly Square), announced plans to integrate stablecoin send-and-receive functionality into its Cash App platform.
Global payment giants such as Visa and Mastercard have also been actively entering the stablecoin arena.
In October, Visa announced its intention to support stablecoins across four blockchains, with CEO Ryan McInerney indicating that the company plans to expand its stablecoin offerings following a successful year.
In November, Mastercard partnered with Thunes to facilitate near real-time payouts to stablecoin wallets via the Mastercard Move network.
The total stablecoin market is currently valued at approximately $306.8 billion, according to data from DefiLlama.