- After 6 years without crypto payments on its platform, Stripe has integrated payments in USDC, a dollar-backed stablecoin. In less than 24 hours, users from 70 countries have already adopted this payment method.
- After an initial experience with Bitcoin in 2014 and then withdrawing it in 2018, Stripe returns to cryptocurrency with USDC to offer more stable and faster transactions.
- Stripe has partnered with Coinbase and expanded its support to the Base network, strengthening its crypto ecosystem and facilitating fiat-to-crypto exchanges.
strippayment service provider, recently took a new step in accepting cryptocurrencies by enabling them payments in USDCstablecoin backed by the US dollar.
From the first day of its launch, this new option caught the eye huge user interest in 70 countries the adoption of this payment method is a strong signal for the growing global demand for alternative payment solutions.
Stripe’s Historic Cryptocurrency Adoption
Although strip he is celebrated for it today stablecoin integrationthe company is not its first crypto experiment. In 2014, Stripe already integrated Bitcoin as a means of paymentmaking it one of the first major payments players to make the move. However, in 2018, Stripe removed this option, citing issues with high fees and slow confirmation times that hurt the user experience.
On October 9, 2024, after several years of planning and research, Stripe re-launched its crypto strategy, this time with USDC. A stablecoin backed by blockchains like Ethereum, Solana and Polygonoffers a more stable and faster alternative for global payments, eliminating some of the limitations associated with Bitcoin.
Meeting the global demand for crypto payments
One of the strengths strip is its adoption model based on the needs of digital companies. Jeff Weinsteinproduct manager at Stripe, emphasized this point.
We aim to provide the solutions that online businesses require. They want to reach more customers at a lower price. Stablecoins, while still young, show promising signs of achieving this goal.
IN less than 24 hours after introduction payments in USDCmore users 70 countries have already transacted through this new method, which illustrates the extent of global demand for fast, secure and low-cost payment solutions. Stablecoin payments bypass the limitations imposed by fiat currencies, such as processing times and high cross-border fees, while providing stability compared to the volatility of traditional cryptocurrencies.
An enabling context for the USDC: a network of strategic partnerships
strip not only integrates payments in USDC. The company has also entered into key partnerships to strengthen its crypto ecosystem. last June Stripe has signed an agreement with Coinbaseof one of the largest cryptocurrency exchange platforms, which facilitates the integration of fiat-to-crypto solutions (bridges between traditional currencies and cryptocurrencies) for users of both platforms.
This collaboration made it possible Coinbase integrate services strip in your wallet, making access to cryptocurrencies easier for millions of users. on his part, Stripe has extended its support to the Base networka Coinbase layer 2 solution that strengthened its presence in the crypto ecosystem while simplifying the exchange between fiat and cryptocurrencies for its users.
The Future of Stablecoin Payments: A Stepping Stone to Widespread Adoption
Although strip has not released exact numbers on the number of users who have adopted this new stablecoin payment option, the enthusiasm generated since day one shows that businesses and consumers are ready to embrace these new technologies. Despite transaction fees set at 1.5% of the amountconverted to US dollars before being deposited into Stripe wallets, this solution appears to be a viable option for companies looking to reduce costs and expand their international reach.
This development could mark the beginning of a wider adoption of stable payments, especially in emerging markets where users are looking for reliable alternatives to traditional banking systems. If USDC and other stablecoins continue to demonstrate their utility in fast, cheap and secure transactions, they could very well define the way digital payments are made globally.
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