Stripe Inc. co-founder and Chief Executive Officer Patrick Collison confirmed in a X post on Monday that the payments company plans to buy stablecoin startup Bridge. The deal, first reported by Bloomberg News on Oct.

Bridge, which has raised $54 million in funding, previously said it aspired to become the blockchain version of Stripe, operating a global system in which other developers could integrate.

Some companies use the startup’s software to accept customer payments in stablecoins. Others rely on Bridge to process cross-border transactions. Additionally, the company provides a service that allows developers to issue their own stablecoins and invest users’ funds in U.S. Treasuries.