How Slash built stablecoin banking with smart wallets

Slash is a banking platform designed for businesses that traditional financial institutions struggle to serve. From high-growth startups to crypto firms, e-commerce operators to affiliate marketers, Slash provides the financial infrastructure companies need to operate globally without the constant fear of being shut down.

Slash users care about three things: reliable access to financial tools, a simple and modern user experience, and the ability to move money quickly across borders while maintaining control over spend and fraud prevention.

With their latest product, Global USD accounts, Slash is expanding beyond traditional banking to offer stablecoin-based accounts that combine the speed and reach of blockchain with the familiar experience of a bank account.

The gas fee problem

For Slash to deliver a truly bank-like experience with their Global USD accounts, they needed to solve blockchain's most persistent UX problem: gas fees. Every blockchain transaction requires gas paid in a native token like ETH, creating unnecessary friction that undermines the seamless experience modern businesses, and users, expect.

The Slash team faced a fundamental challenge that many builders encounter:

• Fees in native tokens: A customer might have $100,000 in USDC but be unable to send a single dollar because they don't hold ETH for gas.
• Slowed adoption: Instead of focusing on running their business, customers had to learn crypto mechanics like acquiring ETH and managing gas prices.
• Limited control: Without non-custodial wallet infrastructure, Slash would need to rely on centralized solutions that would slow their product development and limit their users' control over funds.

"We watched potential customers get stuck sending their first transaction," the Slash team explained. "They'd have funds ready to go, but then hit this wall where they needed to acquire a completely different token just to pay fees. That's just not an acceptable user experience."

Invisible blockchain, visible results

Slash had been using Alchemy's RPC infrastructure from day one, so they were already familiar with the reliability and performance of our products. When it came time to evaluate wallet providers for their Global USD accounts, the decision was straightforward.

Alchemy's infrastructure now powers every Global USD account at Slash, working invisibly behind the scenes to create a seamless banking experience. 

• Non-custodial wallets power each Global USD account. Users control their funds completely, while Slash can launch products faster without the complexity of centralized wallet management.
• Gasless transaction infrastructure sponsors all transaction fees, eliminating the need for users to hold ETH or any native token. Customers simply transact in dollars, and Alchemy's infrastructure handles gas payments automatically.
• RPC nodes deliver reliable blockchain data access that forms the foundation of Slash's infrastructure, ensuring transactions process smoothly and consistently.

Together, these products create an experience where customers just transact in dollars without ever thinking about blockchain mechanics. The technology works silently in the background, powering faster, global transactions while maintaining the familiar feel of Slash’s modern banking UX.

What's next: pushing the boundaries further

Slash isn't stopping with basic stablecoin accounts. Their roadmap includes ambitious features that will further leverage Alchemy's infrastructure to power money movement onchain:

• Crypto cards: Physical and virtual cards that let users spend their Global USD balance anywhere, bridging crypto and traditional payment rails.
• Session keys: Advanced permission systems that will enable even more sophisticated automated operations while maintaining security.
• DeFi yield via Aave: Integration with leading DeFi protocols to offer customers yield on their deposits, combining banking convenience with DeFi returns.

Building the future of business banking

Slash demonstrates how the right wallet and transaction infrastructure can transform business banking. By making blockchain invisible, they've created a product that serves mainstream businesses while leveraging crypto's advantages: global reach, fast settlement, and user control.

When you remove the technical barriers, blockchain becomes a powerful tool for solving real business problems. With the right provider, you can focus on building great products rather than wrestling with blockchain complexity. We're here to help more builders create the next generation of financial applications.

Start building today:

• Learn how Alchemy can help you bring financial services onchain
• Get in touch with our team - we're here to help

Slash Financial, Inc. is a financial technology company and is not a bank. Banking services provided by Column N.A., Member FDIC. Cryptocurrency conversion, transfer, and custody services are provided by Bridge, not by Column, N.A. or Slash. Cryptocurrency is not custodied by any bank, is not FDIC-insured, may fluctuate in value, and is subject to loss. Terms and conditions apply. See slash.com/legal.