Partnership formed between Taxbit and Mural Pay, enabling stablecoin transactions for customers
Taxbit and Mural Pay Partner to Revolutionise Cross-Border Payments with Stablecoins
In a groundbreaking development, Taxbit, a leading provider of financial services, has partnered with Mural Pay to offer a payments module for stablecoin payments. This partnership aims to make cross-border payments quick, cost-effective, and secure.
According to Aaron Jacob, VP of Enterprise Accounting at Taxbit, stablecoins and payments are transforming the way companies transact and manage cash. This transformation is set to drive mainstream and enterprise adoption of digital assets, revolutionising the way people transact.
Mural Pay has built infrastructure to simplify the user experience of adopting stablecoin payments. With this new module, any business, including Taxbit clients, can now leverage the benefits of stablecoin payments without needing to become a blockchain or accounting expert.
The partnership allows select Taxbit clients to invoice customers directly and accept stablecoins as payment. The payments module allows companies to integrate stablecoin payments, including invoice generation and tracking, into their operations.
On-chain payments enable faster and less expensive payments, but middle and back office operations for on-chain payments introduce real challenges. To address these challenges, Taxbit is providing tools and solutions for companies to support critical functions like tracking on-chain payments, reconciling on-chain funds, operating across multiple blockchains, and ensuring tax and accounting compliance.
The total transfer volume of stablecoins last year was $27.6 trillion USD, surpassing the combined value of Visa and Mastercard transactions in 2024, according to the World Economic Forum. This indicates the immense potential of stablecoins in the global financial landscape.
Chris Fernandes, CTO and Co-founder of Mural Pay, stated that stablecoins will see an exponential increase in institutional adoption due to their benefits like faster settlements and lower fees. Stablecoins move globally, 24/7, at a fraction of the cost of traditional methods.
The new product module from Taxbit unlocks around-the-clock payments and collections functionality. This development is expected to significantly enhance the efficiency of financial operations for businesses worldwide.
The partnership between Taxbit and Mural Pay is poised to redefine the future of cross-border payments, making it faster, cheaper, and more secure. This collaboration is a testament to the growing importance of stablecoins in the global financial ecosystem.
In addition to Taxbit and Mural Pay, companies like Coinledger and LedgerPrime have also collaborated with Mural Pay to develop a payment module that enables businesses to integrate stablecoins for invoices and payments in their daily operations while properly fulfilling financial reporting and tax compliance.
This partnership marks a significant step forward in the adoption of stablecoins and digital assets by businesses. As more companies embrace stablecoins, we can expect to see a shift towards a more efficient, cost-effective, and global financial system.
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