On Wednesday, global payments giant Stripe fulfilled its April commitment to reinstate crypto support, marking six years since it first discontinued Bitcoin payments on its platform.
The San Francisco-based firm has introduced a new payment option that allows businesses to accept USD Coin (USDC) from customers in more than 150 countries, Jeff Weinstein, Stripe’s product lead, announced on Twitter (X).
“Crypto on Stripe is officially back!” he tweeted. “We're rolling this out to hundreds of thousands of US businesses today.”
Support for additional countries is expected to be rolled out in the near future. Decrypt has reached out to clarify that point.
Payments Giant Stripe Reenters Crypto With USDC on Ethereum, Solana and Polygon
Payments processor Stripe is back in the crypto game after announcing today that it will soon allow merchants to receive funds in the USD Coin (USDC) stablecoin. Starting this summer, the San Francisco-based firm will let companies that use its technology accept USD Coin (USDC) for online payments. USDC is the second biggest stablecoin in the crypto space and the sixth biggest cryptocurrency by market cap. “We’re excited about empowering Stripe users to accept stablecoin payments, helping them...
In April, Weinstein announced that Stripe would initially support payments using USDC across Ethereum, Solana, and Polygon networks.
Stripe follows the lead of rival PayPal in offering crypto rails to support transactions after it expanded its services in 2021. PayPal began allowing customers to make purchases at millions of merchants worldwide using its “Checkout With Crypto” feature.
Following that approach, Stripe aims to simplify crypto transactions by automatically converting stablecoin payments into fiat currency and settling them via a merchant's Stripe account.
Payments Giant Stripe Expands Crypto Return With Avalanche Integration
Payments processor Stripe is going all in on crypto, it seems, as it today announces its integration of Avalanche. Just last week, the San Francisco-based firm announced it was allowing companies that use its technology to accept USD Coin (USDC) stablecoin for online payments. And today, it said that its retail customers will have easier access to the Avalanche ecosystem. Ava Labs, the development company behind the Avalanche blockchain, said its wallet, Core, would use Stripe’s fiat-to-crypt...
The “Pay with Crypto” feature allows businesses to integrate stablecoin payments through Stripe Checkout, Elements, or the Payment Intents API.
Payment limits are set at $10,000 per transaction and $100,000 per month, with the firm charging a 1.5% transaction fee, according to a product page.
Stripe’s reintroduction of its crypto services comes after a decision to end support for Bitcoin payments in 2018, where it cited concerns over market volatility, slow transaction speeds, and high fees. The company first began supporting Bitcoin payments in 2014.
Stripe has also integrated with Avalanche to allow users to access niche crypto products and NFT platforms that run on the network.
Edited by Sebastian Sinclair
