Payments company Stripe is set to acquire stablecoin platform Bridge in a deal the companies say will “accelerate the adoption and utility of tokenized dollars.”

The transaction is subject to regulatory approvals and is expected to close in the coming months, Bridge noted in a Monday blog post.

TechCrunch founder Michael Arrington reported the value of the deal to be $1.1 billion. A Stripe spokesperson declined to comment on the deal terms, and Bridge did not immediately return a request for details. 

Read more: Stripe reintegrates crypto payments in the US

Stripe CEO Patrick Collison said in an X post that his company seeks to build “the world’s best stablecoin…

Read more on Blockworks