Slash, a California-based neobank established in 2022 by Victor Cardenas and Jack Jia, has announced the launch of a new Global USD account designed to streamline cross-border transactions for businesses. The account integrates a proprietary, non-transferable stablecoin known as USDSL and promises to deliver fast payments, integrated off-ramps, and interest-bearing balances without requiring users to engage directly with cryptocurrency complexities.
Built on crypto infrastructure but designed for non-crypto users, the product is intended to serve companies that require access to U.S. dollars without exposure to gas fees or key management responsibilities. The neobank’s solution enables users to store, send, and receive both stablecoins and U.S. dollars while offering the benefits of digital asset technology in the background.
Stablecoin-Powered Treasury Platform
At the heart of this new offering is USDSL, a stablecoin issued by Bridge, a stablecoin API platform that was acquired by Stripe earlier this year for $1.1 billion. USDSL is backed by a combination of Circle’s USDC and USTB, an on-chain money market fund created by Superstate and supported by U.S. Treasury assets.
The account provides users with the ability to seamlessly convert between popular stablecoins such as USDC and USDT, hold balances in USDSL, and off-ramp funds into U.S. bank accounts through traditional rails like ACH, SWIFT, and wire transfers. The product also includes features targeted at crypto-native firms for treasury management, further enhancing its utility in a rapidly digitizing financial landscape.
Addressing Cross-Border Frictions
According to Slash, the Global USD account is intended to resolve major frictions that businesses encounter in global finance, especially those related to dollar access and treasury fragmentation. International users can reportedly pay U.S. suppliers more efficiently by sidestepping the usual five-day processing delays and foreign exchange fees that typically accompany such transactions. The company highlighted that the system aims to deliver a frictionless experience without requiring users to interact directly with cryptocurrency wallets or blockchain layers.
Victor Cardenas noted that the firm chose to issue its own stablecoin in order to optimize the economics of the platform, rather than relying entirely on third-party digital currencies. While USDSL cannot be transferred to external wallets, users can utilize it within the Slash platform to initiate payments in USDC, USDT, or USD. The internal process involves burning the USDSL balance and releasing the equivalent amount in the selected currency to the recipient.
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Transparent Operations and No Swap Fees
To build credibility, Slash has committed to publishing proof-of-reserve documentation on its website, showcasing the wallet addresses containing the USDC and USTB assets that underpin USDSL. Stablecoin swaps between USDSL and USDT or USDC are offered at no cost, with Slash absorbing the transaction fees. However, a nominal fee will apply when converting USDSL to traditional U.S. dollars. Users are allowed to mint or redeem USDSL at a 1:1 ratio with no slippage.
In a bid to attract early adopters, Slash is offering a promotional 4.5% annual yield on balances through the end of the year. Following this period, variable interest rates will apply based on individual account holdings.
A New Player in a Competitive Arena
While acknowledging the competitive challenge of building trust in a newly launched stablecoin, Cardenas suggested that the industry is moving toward a future where numerous financial institutions and fintech platforms will issue their own digital currencies. He indicated that businesses and consumers are increasingly open to exploring these options, recognizing the operational efficiency and speed that stablecoin infrastructure can provide.
With this launch, Slash aims to position itself as a forward-looking player in the evolving landscape of global digital finance, offering a blend of crypto-enabled infrastructure with a user-friendly, fiat-facing interface.