Payment Processor Stripe to Launch Global USDC Payments
Payment processing firm Stripe is gearing up to introduce global USDC payments, marking its return to the cryptocurrency sector more than six years after dropping support for Bitcoin.
- Stripe’s president and co-founder, John Collison, recently announced the forthcoming payments feature.
- Customers will have the ability to link their crypto wallets to Stripe and conduct instant payments in USDC on platforms like Solana (SOL) and Ethereum (ETH).
- Businesses utilizing Stripe’s services can incorporate a stablecoin payment option for their customers.
Stripe’s History with Cryptocurrency
Stripe formerly offered Bitcoin payment solutions but phased out the feature in April 2018 due to Bitcoin’s limited utility for payments. However, in 2022, the company introduced a comprehensive range of tools and services for enterprises in the crypto space.
- Collison noted that Stripe now supports crypto entities, such as exchanges, wallets, and NFT marketplaces, offering diverse functionalities beyond payment processing.
- In a subsequent move, Stripe launched an embeddable fiat-to-crypto onramp for Web3 developers in 2022 and followed up with a hosted onramp service at crypto.link.com in early 2023.
USDC Stablecoin Expansion
USDC, a stablecoin designed to maintain a 1:1 peg to the US dollar, is poised to play a pivotal role in Stripe’s payment ecosystem. Currently, it holds the second position in market capitalization among stablecoins, following USDT.
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Hot Take: The Future of Digital Payments
As Stripe makes a strategic comeback to the crypto space with USDC payments, the financial landscape is set to witness a transformative shift towards digital assets, thereby expanding the avenues for frictionless transactions in the digital era.
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