Currently, all transfers within Sling Money are fee-free, with any potential future fees might to be minimal and transparent. Credit: NONGASIMO/Shutterstock.

Money transfer app Sling Money, which integrates stablecoin technology with fiat payment rails, has officially launched in the US.  

This app supports instant transfers in over 75 countries, now including the US where it is available to customers of the nation’s all major banks. 

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It leverages real-time payment systems, the cost-effective Solana blockchain, and reserve-backed stablecoins such as the USDP, also known as the Pax Dollar, to enable near-instant and “extremely low-cost” transactions.  

This approach positions Sling Money as a faster and cheaper alternative to traditional money transfer services. 

The funds will be converted to the Pax Dollar after loading into the app using a debit card and can be sent to other Sling Money users globally without any fees.  

It also supports withdrawals from the app to a bank account with the support of instant payment methods such as the RTP system, FedNow, Visa Direct, and MasterCard Send. 

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Currently, all transfers within Sling Money are fee-free, with any potential future fees might to be minimal and transparent.  

Sling Money CEO and co-founder Mike Hudack said: “We can instantly send photos or a text message anywhere in the world at almost no cost, and money should work the same way. 

“We believe that all Americans should have access to a global instant financial system. Stablecoin technology has the potential to positively impact the lives of so many – especially the more than five million Americans living abroad, myself included, who need to send money to friends and family quickly and easily.” 

Earlier this year, the company secured $15m in a Series A round led by Union Square Ventures, Ribbit Capital, and Slow Ventures. This was preceded by a $5m seed round.