The company is building stablecoin invoicing, social commerce and payroll solutions, it said in a Wednesday (July 2) press release.
With these solutions, AllScale aims to make it easier for small and medium-sized businesses (SMBs) to use stablecoins for payments, sales and payroll, especially in cross-border commerce, according to the release.
Stablecoins can enable SMBs to make instant, low-cost global payments; shield their payments from currency swings; and transact globally, even if they are unbanked, the release said.
The release noted that stablecoins are beginning to achieve regulatory clarity as well as increasing transaction volumes, with Hong Kong’s Stablecoin Ordinance set to take effect in August and the U.S. GENIUS Act making its way through Congress.
“Stablecoins are no longer a niche technology — they’re the foundation for the next wave of global commerce,” AllScale Co-founder Shawn Pang said in the release. “We’re thrilled to help businesses of all sizes unlock stablecoin benefits with compliance, security and simplicity at the forefront.”
Stablecoins have started to decouple themselves from crypto exchanges and position themselves as a component of real-world financial infrastructure, PYMNTS reported in March.
There has been a broader adoption of stablecoins in mainstream financial activities including B2B payments, capital markets, lending, treasury management and cross-border payments.
The PYMNTS Intelligence, Solana and Solana Foundation collaboration “Can Blockchain Solve the Cross-Border Payments Puzzle?” found that blockchain-based payments could offer a more efficient and more transparent solution for cross-border payments.
While traditional payment rails have high fees, slow settlement times and a lack of transparency, blockchain could reduce fees, increase speed and ensure transparency with verifiable records, according to the report.
When Shopify began rolling out a feature in June that enables merchants to accept USDC stablecoins within their existing payment and order fulfillment flows, it said this capability will make it easier for merchants to tap into global markets.
“By embracing stablecoins, merchants aren’t just adopting a new payment method, they’re tapping into global markets, opening the door to global customers, and joining the future of borderless, accessible commerce,” Shopify said.
