Klarna is stepping into crypto in an interesting way. The Swedish fintech, best known for its “buy now, pay later” empire, has introduced KlarnaUSD, a dollar-backed stablecoin designed to make payments cheaper and faster. And for a CEO who once dismissed crypto, this is a major turn.
Stablecoin transactions now exceed $27 trillion a year, and new rules in the U.S. and Europe are finally giving large firms the green light to build. Klarna clearly sees an opening and it’s moving fast.
Built for Payments, Not Trading
KlarnaUSD will run on Tempo, a new blockchain developed by Stripe and Paradigm specifically for payments. The token is available on Tempo’s testnet now and is set to launch on the mainnet in 2026.
The idea is to cut down the cost of cross-border payments, a market weighed down by around $120 billion in fees every year. Klarna wants its stablecoin to work in everyday transactions, not just on crypto platforms.
“With Klarna’s scale and Tempo’s infrastructure, we can challenge old networks and make payments faster and cheaper for everyone,” said CEO Sebastian Siemiatkowski. He also acknowledged the shift internally: “Crypto is finally at a stage where it is fast, low-cost, secure, and built for scale. This is the beginning of Klarna in crypto.”
Stripe’s Blockchain Is Klarna’s New Infrastructure
The stablecoin is built using Open Issuance by Bridge, a Stripe-owned stablecoin platform. Klarna and Stripe already partner across 26 global markets, making this a natural extension of their relationship.
The move also puts Klarna alongside other big names in the race. PayPal launched its own stablecoin in 2023, and Stripe rolled out one after acquiring Bridge for $1.1 billion. Klarna is now joining that shortlist of mainstream payments firms bringing stablecoins into their core business.
A Strategic Pivot Backed by Strong Growth
Klarna enters crypto with solid momentum. The company recently listed on the NYSE, raising $1.37 billion. In Q3, it posted 23% growth in gross merchandise volume and revenue of $903 million, beating analyst expectations.
The stock is trading near its 52-week lows, but Klarna’s liquidity remains extremely strong, giving the company room to push into new products including its first stablecoin.
More Crypto Moves Coming
Klarna says KlarnaUSD is just the start, with new partnerships set to be announced in the coming weeks.
Stablecoins are becoming the backbone of global payments. Klarna is making sure it has a seat at that table.
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