Bridge's Zach Abrams: Tokenized Local Currencies Next Big Play in Asia
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Zach Abrams, the founder of stablecoin company Bridge, acknowledges that he did not anticipate the geographic distribution of his business. Initially focused on the U.S., the firm found its strongest demand in Latin America, Europe, and Africa. “We were very U.S.-centric. We didn’t know what the opportunities were in the Philippines, Africa, or Latin America,” Abrams says. “Unbeknownst to us, there was all this pent up demand outside the U.S. to build with stablecoins.” The company’s first customers sought cross-border payment infrastructure linking the U.S. and Colombia, and payouts reaching Venezuela and the Philippines. Bridge’s ascent was propelled by regions with significant cross-border friction, especially Latin America. Now part of Stripe, Abrams sees the next frontier in tokenizing non-dollar currencies. Currently, stablecoins tied to the U.S. dollar dominate over 95% of transactions, a fact that unsettles governments outside the U.S. concerned about reinforcing dollar hegemony. Yet Abrams argues this dominance reflects the sector’s early stage. “We’re in the early stages,” Abrams says. “But in a world where more and more of our infrastructure is tokenized, it’s going to be incredibly important to have tokenized local currencies.” He explains that local businesses will want to hold stablecoins in their own currency and deploy capital into digital, yield-generating investments. “Businesses in Singapore are going to want to hold tokenized Singapore dollars, so they can convert them into Treasuries or other assets to earn yield,” he explains. Bridge does not yet support the Singapore dollar but currently offers tokenized euros, Mexican pesos, and British pounds, with Brazilian reais stablecoins coming soon. Abrams cofounded Bridge in San Francisco in 2021 with Sean Yu, now chief technology officer. Their early bet was that stablecoins would become mainstream payment infrastructure, offering cheaper and faster money movement than traditional rails. SpaceX, for instance, uses Bridge’s technology to repatriate Starlink earnings from rural areas in emerging markets back to the U.S. By 2024, Bridge processed over $5 billion in annualized payment volume and raised $58 million from venture firms including Sequoia and Haun Ventures. Stripe acquired Bridge in 2024 for $1.1 billion, then its largest deal, later surpassed by Stripe’s purchase of OpenRouter for more than $7 billion. Abrams aims to replicate Stripe’s role in online payments, providing a “simplification layer” atop a fragmented tokenized landscape. “Bridge is betting that the tokenized world is going to become really important,” he says. “There will be a complexity of things… Bridge can be that simplification layer.” Asia’s financial hubs, such as Singapore and Hong Kong, are developing stablecoin regulatory frameworks, while major economies like China and India remain skeptical. “The region is warming to stablecoins, but it’s not as warm as the U.S. yet,” Abrams says. “It’s all very dependent on what’s permissible… as the regulatory environment catches up, I think there will be a lot more use cases that are made possible.” He draws a parallel between Latin America and Asia, both regions with growing middle classes, rapid urbanization, and heavy reliance on international trade. “Stablecoin adoption is so big in Brazil because so much of their economy involves cross-border business, while the regulatory environment supports a pretty dynamic crypto ecosystem,” he explains, emphasizing that cross-border money transfer, not domestic transactions, is the real opportunity. “Singapore and a lot of other countries in the region share very similar characteristics, and that’s why I’m optimistic that the markets here will be similarly important as stablecoins scale.” Fortune Daily breaks the traditional barrier between audience and newsroom. The show transforms Fortune’s trusted reporting into actionable, conversational, and entertaining insights for an emerging class of business leaders.
Article commentary
Zach Abrams’ vision for tokenized local currencies marks a strategic pivot from the dollar-dominated stablecoin landscape. His observation that the next growth phase lies in non-dollar tokens reflects both market demand and geopolitical sensitivities. Countries outside the U.S. are wary of stablecoins further entrenching dollar dominance, and Abrams’ move to support euros, pesos, pounds, and soon Brazilian reais addresses this concern while opening new revenue streams. The parallel he draws between Latin America and Asia is astute: both regions have high cross-border transaction volumes, growing digital economies, and regulatory environments that are gradually accommodating crypto. However, Asia presents a more fragmented picture. While Singapore and Hong Kong are crafting clear frameworks, China and India remain hostile to digital currencies. Abrams’ emphasis on cross-border, rather than domestic, use cases is realistic. Stablecoins excel at bypassing slow, expensive traditional remittance systems, and Asian markets like the Philippines, Indonesia, and Vietnam have large overseas worker populations and trade volumes. The challenge lies in regulatory compliance and competition from central bank digital currencies (CBDCs). Several Asian central banks are piloting CBDCs, which could offer similar efficiency without the volatility or privacy concerns of private stablecoins. Bridge’s acquisition by Stripe is a significant endorsement. Stripe’s infrastructure and merchant network could accelerate Bridge’s adoption in Asia, but integration may be complex. Abrams’ goal of being a “simplification layer” is ambitious; the tokenized world is becoming more crowded, with players like Circle and Paxos also expanding. The $1.1 billion price tag suggests Stripe sees long-term value, but the failure of many crypto projects to achieve mainstream use tempers optimism. Bridge’s success will depend on navigating varied regulatory landscapes, forming partnerships with local banks and payment providers, and convincing businesses that tokenized local currencies are safer and more efficient than existing options. Abrams’ experience with Latin America’s friction points gives him a playbook, but Asia’s diversity—from developed Singapore to emerging economies like Myanmar—requires tailored strategies. The comment that “as the regulatory environment catches up, I think there will be a lot more use cases” is both hopeful and cautious. It acknowledges that the market is not yet fully open, but that the direction is promising. Overall, Bridge’s shift toward tokenized local currencies is a sensible evolution, but execution will determine whether it becomes a standard or a niche.