Stripe, the payment giant, is making a comeback in the realm of cryptocurrency payments! Co-founder John Collison announced at a developer conference in San Francisco that this summer, Stripe will offer services for USDC payments on blockchains such as Solana, Ethereum, and Polygon, ensuring stability and efficiency in transactions.
Stripe began accepting Bitcoin (BTC) payments back in 2014. “Bitcoin was a terrible payment method at the time,” Collison reluctantly admitted. Due to a lack of customer demand, the company discontinued Bitcoin payments four years later.
However, this did not deter Stripe’s ambition for blockchain payments. The team has been continuously searching for more stable and efficient cryptocurrency payment methods. Collison pointed out that stablecoins are more stable in terms of payment speed and price fluctuations, making them an ideal payment tool.
Additionally, USDC, being pegged to the US dollar, can also serve as a store of value, making it suitable for quick online transactions without the fear of sudden price drops immediately after payment.
Expanding its horizons, Stripe also serves as a payment processor on the social platform X.
In 2022, Stripe and X (formerly Twitter) launched a program that allows creators on social platforms to receive payments in USDC on the Polygon chain. They then integrated with cryptocurrency exchanges through APIs, creating a gateway to convert fiat currency into cryptocurrencies.
Furthermore, Stripe announced yesterday that it aims to make it easier for merchants to use its financial service products and payment processing technologies. Even if merchants use other payment providers such as competitors Adyen or PayPal, they can still utilize Stripe’s billing and tax functionalities.
Stripe enables businesses to accept online payments and provides services like sending payments and automating corporate financial processes. Currently, over 100 companies use Stripe’s products, processing at least $1 billion annually. Stripe’s clients include cryptocurrency platform Blockchain.com, digital wallet provider MetaMask, and NFT marketplace Magic Eden.
In any case, Stripe’s return to cryptocurrency payments will bring users more payment options and convenience. As one of the global leaders in payment processing, Stripe’s actions may have a significant impact on the entire cryptocurrency market, driving the adoption and application of cryptocurrency payments.