Stripe, the popular payments giant, has made a significant announcement regarding its support for USDC settlements over various blockchain platforms. According to Jeff Weinstein, the head of products at Stripe, the company is now enabling global support for USDC settlements on the Ethereum, Solana, and Polygon blockchains. This move marks the reintroduction of crypto assets on the Stripe platform and will be available for use in over 150 countries worldwide.
Weinstein took to the social media platform X to share the exciting news, stating that crypto assets are officially back on Stripe. The platform will now accept stablecoins from over 150 countries, allowing buyers to pay in USDC through Ethereum, Solana, and Polygon. For businesses based in the USA, payments will be received in USD. This feature will work seamlessly with checkout, elements, or payment intents, with support for subscriptions coming soon. Stripe plans to roll out this new functionality to hundreds of thousands of businesses in the USA initially, followed by additional countries in the future.
It’s worth noting that Stripe previously supported payments in Bitcoin until 2018 when it discontinued its support for the leading cryptocurrency due to its limited utility as a payments rail. However, with the introduction of USDC settlements and the Pay with Crypto feature, merchants can now accept digital assets to settle fiat balances without the complexities of handling crypto assets themselves. The platform charges a 1.5% fee on transaction amounts for this service.
In April, Stripe co-founder and president John Collison hinted at the company’s plans to introduce USDC-based payments during the summer, and now this vision has become a reality. The Pay with Crypto feature allows merchants to seamlessly accept USDC payments on Ethereum, Solana, and Polygon, streamlining the process of settling payments in fiat currency.
For those interested in staying updated on the latest developments in the crypto and payments space, subscribing to email alerts from Stripe can ensure that you don’t miss a beat. Additionally, following Stripe on social media platforms like X, Facebook, and Telegram can provide valuable insights and updates on the company’s initiatives.
As the world of digital payments continues to evolve, Stripe’s support for USDC settlements on multiple blockchain platforms demonstrates its commitment to embracing the growing influence of cryptocurrencies. This move not only expands the payment options available to businesses but also paves the way for more seamless and efficient transactions in the global marketplace.