Stripe, Inc. is an Irish and American multinational financial services and software as a service company dual‑headquartered in South San Francisco, California, United States and Dublin, Ireland.
The challenge
Facing a critical Q3 funding deadline, the treasury team needed to move funds between the US and Mexico rapidly. Stripe’s existing infrastructure was limited by traditional SWIFT wire transfers, which involved one-to-two-day settlement delays, opaque visibility and high FX costs. These friction points risked missing the funding window and trapped working capital in transit. Simultaneously, the acquisition of Bridge, a stablecoin infrastructure provider, presented a unique catalyst: the opportunity to leverage stablecoin technology to move funding faster and with greater visibility.
The solution
Stripe implemented a USDC stablecoin solution (commonly referred to as the ‘stablecoin sandwich’) for intercompany settlements.
They leveraged Bridge’s orchestration API to convert USD to USDC and off-ramp to MXN. The solution replaced a multi-day wire process with a near-instantaneous transfer, executing a live movement of ~Mex$256m (~US$14m) in under 120 minutes.
During implementation, Stripe faced several obstacles, including initial limitations from liquidity providers capping the transaction size at US$3m. After the successful clearing of this first tranche, Stripe was able to increase its minting capacity for subsequent transactions.
This initiative not only validates the use of stablecoins as a transformative liquidity tool.
Best practice and innovation
The judges commended this highly innovative stablecoin solution for intercompany payments that replaces correspondent banking and SWIFT, achieved without a bank partner and showcasing the benefits of stablecoins for intercompany settlement in emerging markets.
While blockchain is often discussed theoretically for corporate treasury, this project moved beyond a sandbox proof-of-concept to a high-value, live-fire application. The innovation lies in replacing the correspondent banking model – plagued by manual friction and lengthy settlement delays – with a programmable orchestration API.
By using stablecoins, Stripe achieved T+0 settlement and improved pricing, proving that corporate treasury can operate with the same speed and seamlessness as consumer payments.
Key benefits
Cost savings.
Process efficiencies.
Risk mitigation.
Future-proof solution.
Improved key performance indicators (KPIs) or metrics.
Improved visibility.
Increased automation.
The true impact of this solution is the shift in mindset that it required. This was not a low-stakes ‘sandbox’ experiment; treasury chose to leverage stablecoin rails for a critical, high‑value funding requirement. The decision carried significant operational risk, requiring deep collaboration between treasury and engineering teams to navigate issues such as liquidity caps in real-time.
Stripe completed the first settlement of approximately Mex$256m (around US$14m) in under 120 minutes. This was a true transaction, not just a test, and it demonstrated how Stripe could significantly enhance the speed and reliability of capital movements.
The impact of this solution extends well beyond this initial use case. Stablecoins have emerged as a vital liquidity tool, enabling Stripe to deploy capital more effectively and reduce previously trapped cash. This enhancement not only boosts the efficiency of the treasury operations but also directly supports Stripe’s growth strategy, particularly in markets where traditional banking systems are lacking.
Ultimately, this initiative has transformed a structural limitation into a scalable capability. It has redefined how Stripe manages capital, reinforced treasury’s role as a strategic enabler of business growth and set a new standard for intercompany settlements in today’s fast‑paced global environment.
The Adam Smith Awards are the industry benchmark for best practice and innovation in corporate treasury. The 2026 awards attracted 635 nominations. To find out more please visit treasurytoday.com/adam-smith-awards
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