Payments giant Stripe has announced its return to the cryptocurrency space.
Payments giant Stripe has announced its return to the cryptocurrency space after co-founder John Collison revealed their plan to allow merchants to receive funds in the form of the USD Coin (USDC) stablecoin. According to Collison, the “transactions instantly settle on-chain and automatically convert to fiat” and will begin as soon as this summer.
Businesses utilizing Stripe's technology will have the capability to accept payments made in USDC, the second-largest stablecoin in the crypto market and the sixth-largest cryptocurrency by market capitalization. By embracing USDC, Stripe aims to empower its users by facilitating global transactions and providing customers with easy, fast, and secure payment options, regardless of their access to traditional banking services or credit cards.
John Egan, the head of crypto at Stripe, expressed enthusiasm about the integration of stablecoin payments, highlighting the potential to enhance merchants' reach and offer their customers a seamless payment experience. Stripe plans to initially support USDC transactions on the Ethereum, Solana, and Polygon networks, with additional network compatibility to be announced closer to the launch date.
This move marks Stripe's reentry into the crypto landscape after its initial foray in 2014 when it became one of the earliest major companies to accept Bitcoin payments. However, the company discontinued its crypto services in 2018 due to rising costs on the Bitcoin blockchain. Despite this setback, Stripe remained optimistic about cryptocurrencies as a whole.
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