Bleap launches stablecoin-based transfers between Brazil and Europe

Bleap has launched a new transfer corridor between Brazil and Europe using stablecoins for the cross-border settlement stage. The service allows Brazilians living in Europe to move money from Brazil without routing the international leg of the transaction through SWIFT-based banking infrastructure.

The company is targeting a part of the remittance market that has traditionally depended on correspondent banking networks. According to Bleap, this model can create relatively high costs for smaller individual transfers, especially when several financial institutions are involved in the payment chain.

Stablecoins replace the international SWIFT settlement leg

Traditional cross-border payments often involve a bank in one country sending payment instructions through SWIFT to another bank, while settlement takes place separately between the institutions involved. Providers entering a new market usually have to choose between using correspondent banks or establishing a licensed local entity.

Using correspondent banks can reduce the need to build local regulated infrastructure, but it may involve several intermediaries, additional fees and longer settlement times. Setting up a local licensed operation can provide a faster local payment process, but requires investment in licensing, technology and operations.

Bleap uses a different structure. Stablecoins are used for the cross-border settlement stage, while local partners handle conversion into domestic currency and distribution through local payment rails.

PIX payments can reach a euro account within seconds

In Brazil, customers send Brazilian reais through PIX, the country's instant payment system. Bleap says the equivalent value can then arrive in the customer's Bleap account in euros within seconds.

According to the company, transfers use the mid-market exchange rate, with no transfer fee and 0% IOF, Brazil's tax on financial transactions. The stablecoin layer operates in the background and is not visible to the end customer.

The model means that domestic payment systems are used at the beginning and end of the transaction, while stablecoins are used to move value across borders. This removes the SWIFT-based correspondent banking leg from the transfer process.

The transfer feature is part of Bleap's wider account offering

The new corridor has been integrated into Bleap's broader financial account product. The company already offers global card spending without foreign exchange fees, cashback of up to 20%, USD savings accounts and investment products. EUR savings accounts are also planned.

Bleap operates the service through an account with a European IBAN. Brazilian customers can open an account using a CPF and Brazilian identification without holding a European residence visa, subject to the required verification checks.

Bleap has raised more than EUR 7.6 million

Bleap has raised more than EUR 7.6 million across two funding rounds since late 2024. The company first secured a EUR 2.1 million pre-seed round led by Ethereal Ventures, followed by a EUR 5.5 million seed round led by Blossom Capital.

The company reports more than 70,000 users. Bleap plans to use the funding to continue growing its customer base and to launch additional transfer corridors using the same stablecoin-based settlement model.

Stablecoins are increasingly used in cross-border payment infrastructure

The launch is part of a wider development in cross-border payments, with fintech companies using stablecoins for settlement outside traditional correspondent banking networks. The approach allows the transfer of value between markets through blockchain-based assets while customers continue to send and receive local currencies through domestic payment systems.

Remittance providers and neobanks are increasingly exploring this model as they look for ways to reduce settlement costs and simplify international transfers, particularly for lower-value retail payments.