Payment processing giant Stripe has reportedly acquired stablecoin platform Bridge in a $1.1 billion deal, according to TechCrunch founder Michael Arrington.

The deal had been in “advanced stages” from at least Oct. 17, according to reports at the time, which representatives from both organizations did not address.

“This deal is done. $1.1b,” Arrington wrote in an Oct. 20 X post.

The acquisition would be the largest to date for Stripe, which is based in San Francisco and Dublin and was valued at $70 billion in July. It would also fall into one of crypto’s largest acquisitions in history.

Stripe and Bridge did not immediately respond to a request for comment.

Stripe is a payment processing platform that allows businesses to accept credit and debit cards or other payments online.

In March, it reported it had passed the $1 trillion milestone for total payment volume in 2023, with the output of businesses using Stripe amounting to around 1% of global gross domestic product (GDP).

The reported deal comes just six months after its co-founder John Collison announced the company would begin supporting global stablecoin payments “this summer.”

It also comes less than two weeks after Stripe introduced stablecoin payments on its main payments user interface by integrating Circle USD (USDC) stablecoin.

Related: Stripe’s new stablecoin option gains traction in 70 countries on day 1

Meanwhile, Bridge is a stablecoin-based payments network founded by two former Coinbase executives — Zach Abrams and Sean Yu — in 2022 to compete with the SWIFT network and credit cards.

Abrams was the Head of Consumer at Coinbase and was the founder of Evenly, a P2P payments company that was eventually acquired by Square.

Yu held engineering roles at Coinbase, Square, Doordash and Airbnb.

Bridge allows businesses to create, store, send and accept stablecoins, which some have referred to as the Web3 answer to Stripe. This year, the firm received $58 million in funding from Sequoia, Ribbit, Index and other investors.