Stripe has announced its acquisition of Bridge, a startup specializing in stablecoin infrastructure, as revealed in a tweet on Monday, informs Reuters. Although the financial terms were not disclosed by the company, a report from Forbes last week, citing inside sources, valued the deal at $1.1 billion. Stripe, founded by billionaires John and Patrick Collison in 2010, was valued at $65 billion earlier this year, placing it among the highest-valued private startups in the U.S.

The acquisition comes at a time when digital currencies are gaining increased mainstream acceptance. The U.S. Securities and Exchange Commission's approval of bitcoin spot exchange-traded funds earlier this year has eased regulatory concerns, creating a favorable environment for major companies to embrace cryptocurrencies. Stripe’s move follows PayPal’s introduction of a U.S. dollar stablecoin last year, marking PayPal as the first major fintech to adopt digital currencies for payments and transfers.