“Either it’s super expensive from an engineering standpoint and takes them a lot of time, or if they’re starting to do it manually, then, of course, it’s basically prone to errors, so they can lose money,” Shaulov said, referring to companies wanting to build out their own stablecoin networks.
That’s what his network, dubbed the Fireblocks Network for Payments, aims to smooth over for customers, he added.
Fireblocks, which builds basic blockchain infrastructure for firms like the bank BNY Mellon and the fintech Revolut, isn’t a newcomer to stablecoins. Everyday, it processes billions of dollars worth of the asset class. In fact, in July, the crypto infrastructure provider processed a record $212 billion in stablecoin volume, according to data provided to Fortune.
But Fireblocks’ existing network was originally built for crypto trading, not stablecoins, Shaulov, the Fireblocks CEO, said. The company hadn’t previously built out a streamlined means to let users easily convert one stablecoin into another and transfer money from, say, Brazil to the U.S.
Shaulov added that his company’s new stablecoin network is similar to the Circle Payments Network but supports multiple stablecoins, not just Circle’s USDC.
Update, September 4, 2025: Changed second sentence to add that the network lets companies build stablecoin products.
