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Payment processor Stripe is back in the cryptocurrency game today after announcing that merchants will soon be able to receive funds from cryptocurrency markets. USD Coin (USDC) stablecoin.
Starting this summer, the San Francisco-based company will allow companies using its technology to: USD Coin (USDC) for online payments. USDC is the second-largest stablecoin in the cryptocurrency industry and the sixth-largest cryptocurrency by market capitalization.
“We’re excited to expand our global reach by enabling Stripe users to accept stablecoin payments and give our customers access to easy, fast, and reliable transactions, even if they don’t have a bank account or credit card.” John Egan, head of cryptocurrency at Stripe, said in a press release.
Stripe will initially support USDC transactions. A Stripe spokesperson confirmed the Ethereum, Solana, and Polygon networks. decryption“The final, more extensive list will be announced shortly before launch,” he added.
2014, Stripe ~ became One of the first major companies to accept Bitcoin payment. However, the cryptocurrency plan failed in 2018 when the company discontinued its option on the world’s largest blockchain, citing rising costs.
Despite discontinuing the service, the company said At the time, he was still “very optimistic about cryptocurrencies in general.”
In March 2022, Stripe took another step into the cryptocurrency space by providing a payment platform for NFT purchases and other Web3 companies, as well as promising anti-fraud features such as know-your-customer (KYC) requirements. Last year, the company was rumored to be working with Twitter on payments features.
Now Stripe says it will allow merchants to accept USDC and settle transactions on chain. Payments made in stablecoins are automatically converted to fiat and deposited into the seller’s Stripe account, the company explained.
Stablecoins are a type of cryptocurrency that has a value pegged to another asset, such as the dollar or gold. It is designed to be less volatile than Bitcoin or other digital assets, whose prices are notorious for going up and down.
These coins and tokens are typically used by cryptocurrency traders to quickly enter and liquidate positions in other coins or tokens without directly converting them to fiat currencies such as the U.S. dollar. This is especially true if access to that currency is restricted or prohibited.
Edited by Ryan Ozawa.
