Bridge, a global stablecoin payments network co-founded by former Square and Coinbase executives Zach Abrams and Sean Yu, announced a $58 million round of funding with participation from Sequoia, Ribbit and Index. The new round of funding, including $40 million led by Sequoia and Ribbit, will challenge traditional payment systems. Bridge will provide seamless fiat-to-stablecoin conversions, facilitating the transfer of different stablecoins between blockchains. Bridge has processed more than $5 billion in annualized payments, and has partnered with high-end customers such as Elon Musk's SpaceX to help it receive payments in different regions and currencies, and transfer funds to its global treasury through stablecoins.