Stripe U has enabled cryptocurrency payments through USDC integration, six years after abandoning Bitcoin.

Stripe is reintroducing cryptocurrency payments by enabling transactions via USD Coin (USDC), six years after discontinuing support for Bitcoin (BTC) and other digital currencies.

“We are excited to announce that we are reintroducing cryptocurrency as a way to accept payments, but this time with a much better experience,” John Collison, the company’s co-founder and president, said on April 25. “He said. keynote speech. “Cryptocurrencies are finding true utility.”

Cryptocurrencies are starting to prove their usefulness

With shorter transaction times and lower transaction fees, “crypto is finally making sense as a medium of exchange,” Collison says.

Users can make payments in USDC from any of the following: Solana (SOL), Ethereum (ETH) or Polygon (MATIC).

Cryptocurrency is back. @stripe We plan to begin supporting global stablecoin payments this summer. Transactions are settled instantly on-chain and automatically converted to fiat. https://t.co/hws2OsU3Id Join the waitlist and watch the demo (h/t @Solana) in the session. pic.twitter.com/zGKYW2FM6i

— John Collison (@collision) April 25, 2024

The announcement had little impact on the price of each blockchain’s native cryptocurrency.

Only MATIC is said to have posted gains of more than 2%, at $0.7193 as of 4 a.m. ET. CoinMarketCap data. Leading altcoin ETH recorded small losses over the same period, while Solana fell more than 1%.

Stripe has a long history in the cryptocurrency space.

Stripe’s long history in the cryptocurrency space began in 2014, when the payment processor first began exploring integration with the Bitcoin ecosystem. It later discontinued support for major cryptocurrencies in 2018 because BTC was too volatile.

stripe It also highlighted the Bitcoin network’s increasing fees and criticized transaction times. This occurred during the first “crypto winter,” when BTC prices plummeted from $19,650 in December 2017 to $3,401 in late 2018.

To re-enter the market, Stripe took a step further by becoming a co-founder of Facebook the following year. Libra Project. Shortly thereafter, the fintech giant left the project without gaining the necessary momentum.

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