Connor Fitzgerald, head of stablecoin partnerships at Stripe, announced his departure on X after building the company's global stablecoin card program from launch to operations across more than 100 markets. Fitzgerald joined Bridge one month after Stripe acquired the stablecoin platform and focused on establishing sponsor bank partnerships, regulatory infrastructure, and card network relationships needed for international expansion. His exit comes as Bridge secured Markets in Crypto-Assets (MiCA) authorization and an Electronic Money Institution license in Luxembourg, enabling regulated services across all 27 EU member states, and as Stripe partnered with Advent International to submit a roughly $53 billion proposal to acquire PayPal.
Fitzgerald Departs After Building 100-Market Stablecoin Program
Fitzgerald described his final week at both Stripe and its stablecoin subsidiary Bridge in his announcement on X. He joined Bridge at a moment when, as he stated, no company had yet built a stablecoin card program backed by a true sponsor bank. Building sponsor bank partnerships from scratch, navigating regulatory requirements market by market, and laying the card network relationships needed for global issuance required significant groundwork before a single card could go live internationally.
Over roughly a year, the program grew from nothing to operations spanning more than 100 markets, including the first stablecoin settlement flow launched in the United States. Fitzgerald cited working alongside what he called some of the best people in fintech as a defining part of the experience. He signaled that his next move will stay within blockchain-based financial infrastructure, stating his time working with dozens of stablecoin companies led him to conclude that the next generation of global banking will be built natively onchain.
Stripe combined Bridge's blockchain payment rails with its own global payments network to support cross-border settlement, stablecoin payments, and card issuance for businesses and developers worldwide. The hybrid architecture removes the need to choose between crypto-native rails and established financial infrastructure by layering them together.
Bridge Secures MiCA Authorization and EU Electronic Money License
Bridge received both a Markets in Crypto-Assets (MiCA) crypto-asset service provider authorization and an Electronic Money Institution license in Luxembourg. These licenses allow Bridge to provide regulated services across all 27 European Union member states under a single regulatory framework, eliminating the need to negotiate separate banking relationships or regulatory approvals country by country across Europe.
With the licenses in place, businesses can now issue custom euro-backed stablecoins, create named virtual IBANs, and offer euro accounts throughout the EU through a single connection to Bridge's infrastructure. Enterprises can also use stablecoins to move funds between subsidiaries, bypassing the correspondent banking networks that traditionally handle that flow. For fintech companies, the ability to plug into cross-border euro accounts through one integration lowers the cost and complexity of European expansion.
Visa Partnership Targets 100-Country Card Expansion by End of 2026
Visa extended its partnership with Stripe-owned Bridge to launch stablecoin-backed Visa card programs in more than 100 countries by the end of 2026. The partnership anchors Bridge's card issuance capability to one of the world's two dominant card networks, lending credibility and distribution reach to the product category. For wallet providers and fintech platforms looking to issue cards backed by stablecoin balances, it removes a key question about network acceptance.
Stripe Submits $53 Billion Bid for PayPal
Stripe partnered with private equity firm Advent International and submitted a roughly $53 billion proposal to acquire PayPal, according to Reuters. PayPal's board concluded the $60.50-per-share offer undervalued the company and weighed financing certainty, regulatory hurdles, and execution risks before deciding how to proceed. Reuters reported that discussions remained active despite the board's reservations as of late July 2026.
PayPal's PYUSD stablecoin, issued by Paxos, carries a $2.7 billion market cap with Solana as its primary payment network. Combined with Stripe's 4 million merchants and the Bridge infrastructure already operating in 100-plus markets, a merged entity would control an end-to-end stablecoin payment stack spanning issuance, merchant acceptance, and card distribution.
FAQ
What role did Connor Fitzgerald play at Stripe's stablecoin program?
Connor Fitzgerald served as head of stablecoin partnerships at Stripe and helped build the global stablecoin card program from launch to operations across more than 100 markets. He joined Bridge one month after Stripe's acquisition of the platform and focused on establishing sponsor bank partnerships, regulatory infrastructure, and card network relationships needed for international expansion.
What regulatory licenses did Bridge obtain in Europe?
Bridge received a Markets in Crypto-Assets (MiCA) crypto-asset service provider authorization and an Electronic Money Institution license in Luxembourg. Together, these licenses enable Bridge to provide regulated services across all 27 EU member states under a single framework, allowing euro-backed stablecoin issuance and virtual IBAN creation without separate banking relationships in each country.
What is Stripe's proposed acquisition of PayPal?
Stripe partnered with Advent International to submit a roughly $53 billion proposal to acquire PayPal at $60.50 per share. PayPal's board viewed the offer as undervaluing the company, but negotiations were reported to be ongoing as of late July 2026. PayPal owns the PYUSD stablecoin issued by Paxos, which has a $2.7 billion market cap.
