The new feature expands Sling’s reach beyond its already extensive network of instant fiat integrations by allowing users to bring their own stablecoins to the app.
AMSTERDAM--(BUSINESS WIRE)--Sling Money, the app that puts instant global money transfers in the palm of your hand, today launched a new in-app feature that enables users to load, send, and receive stablecoins in Sling to and from other wallets or exchanges. Sling Money users can already convert fiat money from regulated banking and payments partners into their Sling Wallet and send those funds to other people or accounts in any of the 70+ countries where Sling has payment integrations. With this latest release, Sling Money now works in 150+ countries, unlocking the power of instant blockchain transfers for over 2.7 billion people.
With this new functionality, Sling Money users can now enjoy compatibility with any wallet or exchange supporting USDC or USDP on Solana. Solana’s instant stablecoin transfers enable Sling Money’s lightning-fast fiat-to-stablecoin and stablecoin-to-fiat functionality. Bridging these two worlds—alongside Sling Links, which allow users to transact with non-Sling Money users—is a significant step toward simplifying and removing barriers for global payments that are instant and affordable for everyone, everywhere.
“We’re not just introducing a new feature; we’re unlocking a new financial frontier,” said Mike Hudack, co-founder and CEO of Avian Labs, Sling Money’s parent company. “Stablecoins already have proven product-market fit and are one of the most widely held blockchain-based assets, but they’ve existed in isolation for many. Sling Money now seamlessly integrates stablecoins and fiat—creating instant financial connectivity that the world has been waiting for.”
In August 2024, nearly 120 million on-chain wallets held some amount of USD-pegged stablecoin. USDC, for example, is available in over 190 countries, with more than 17 million on-chain wallets holding some value of USDC. However, only about 2.8 million of those on-chain wallets were active in August 20241, indicating that a vast majority of USDC holders are still seeking ways to deploy and utilize their USDC holdings. Sling unlocks a new era of stablecoin utility and financial connectivity by providing the following:
- An easy-to-use, low-cost bridge between fiat and stablecoins with seamless compatibility
- An easy way for USD-pegged stablecoin holders to actually utilize them
- Independence from the limitations of traditional financial infrastructure like long wait times and high fees, regardless of currency
- Instant cross-border financial connectivity for billions of people, creating an empowered borderless economy
Simon Amor, Sling co-founder and Product Designer, stated: “Sling’s ultimate vision is a world where billions of people can connect financially across borders—instantly, securely, and at little to no cost. While we continue to expand our fiat connectivity in countries around the world, this new feature brings us one step closer to that vision by enabling seamless transfers with a currency that’s already widely used—stablecoins. We’re giving our users an even greater ability to connect financially, no matter where they are, while bridging the gap between traditional fiat and digital assets.”
The process for the new capability is simple: Users can easily load USDC from any supported wallet or exchange into Sling Money, then send stablecoins or convert them to the recipient’s fiat currency of choice—all with low fees, powered by the Solana blockchain. Sling Money delivers super fast and incredibly affordable transactions.
Sling Money meets the demand for financial solutions that match today’s cultural and economic interconnectedness and embraces it. This removes many of the frustrations of global money transfer for anyone with friends, family, or business across borders.
The Sling Money app is available on the iOS and Google Play app stores for download for closed beta use.
About Sling Money:
Sling Money is building a world where sending and receiving money is effortless. The app leverages stablecoin and real-time payment technology to allow people to move money anywhere, in any currency, nearly instantly and for a negligible fee. Sling Money makes global transfers easy by enabling users to pay people, not anonymous account numbers. An Avian Labs product, Sling Money was founded by Mike Hudack and Simon Amor, who have decades of product engineering and design experience. Learn more at www.sling.money.
1 RWA.xyz (2024, September 10). Dashboard.. Retrieved from https://app.rwa.xyz/
Contacts
Media Contact
Camille Stephens, camille@cmand.co