Payment processing company Stripe is back in the cryptocurrency game, announcing today that merchants will soon be able to receive funds in cryptocurrencies. us dollar coin (USDC) stable coin.
Starting this summer, the San Francisco-based company will open its doors to companies using its technology. us dollar coin (USDC) for online payments. USDC is the second largest stablecoin in the cryptocurrency space and the sixth largest cryptocurrency by market capitalization.
“We are helping Stripe users accept stablecoin payments, expanding their global reach and making transactions easy, fast and reliable, even if customers don’t have a bank account or credit card. We're excited to make it accessible,” said John Egan. Stripe's Head of Cryptocurrency said in a press release.
Stripe will initially support USDC transactions. A Stripe spokesperson confirmed the Ethereum, Solana, and Polygon networks. Decryptionadding, “A final, broader list will be announced closer to launch.”
Back in 2014, stripes became One of the first major companies to accept Bitcoin payment. However, the company's cryptocurrency efforts fizzled in 2018 when the company scrapped the option due to rising costs on the world's largest blockchain.
Despite the company discontinuing its service, Said At the time, he was still “very optimistic about crypto as a whole.”
In March 2022, Stripe inched back into the cryptocurrency space by making its payments platform available for NFT purchases and other Web3 companies, and promising anti-fraud features such as know-your-customer (KYC) requirements. Last year, the company was rumored to be working with Twitter on payments features.
Today, Stripe announced that it will enable merchants to accept USDC and settle transactions on-chain. Payments made in stablecoins will be automatically converted to fiat and credited to the merchant's Stripe account, the company explained.
A stablecoin is a type of cryptocurrency whose value is pegged to another asset, such as the dollar or gold. They are designed to be less volatile than Bitcoin and other digital assets, which are notorious for rising and falling in price.
These coins and tokens can typically be quickly moved in and out of positions in other coins or tokens without directly converting them into fiat currency, such as the US dollar, especially when access to such currencies is restricted or prohibited. Used by crypto traders to
Edited by Ryan Ozawa.
