USD Coin Payments: Stripe Revives Crypto Services

sevval10/10/20242 Mins read263

Usd Coin Payments: Stripe Revives Crypto Services

USD Coin Payments- Stripe’s New Crypto Feature

USD Coin Payments– On Wednesday, Stripe, the global payments giant, fulfilled its commitment made in April to bring back cryptocurrency support, marking six years since it originally halted Bitcoin payments on its platform. The San Francisco-based company has now introduced a payment option that enables businesses to accept USD Coin (USDC) from customers across more than 150 countries. Jeff Weinstein, Stripe’s product lead, announced this exciting development on Twitter, stating, Crypto on Stripe is officially back! We’re rolling this out to hundreds of thousands of US businesses today.

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okee, crypto on @stripe is officially back!

– accept stablecoins from 150+ countries
– buyers pay in usdc (via ethereum, solana, polygon)
– you, as a usa business, receive usd
– works with checkout, elements, or payment intents (and soon subscriptions)

see a live demo:… https://t.co/zPyQyAMvJd
— Jeff Weinstein (@jeff_weinstein) October 9, 2024

Future Expansion and Supported Networks

Weinstein also noted that support for additional countries is expected to be implemented soon. In April, he revealed that Stripe would initially support USDC payments across major blockchain networks, including Ethereum, Solana, and Polygon. This strategic move positions Stripe to enhance its services in line with industry trends, following in the footsteps of competitor PayPal, which expanded its crypto offerings in 2021.

Simplifying Transactions with Stablecoins

Stripe aims to simplify crypto transactions by automatically converting stablecoin payments into fiat currency and settling them through the merchant’s Stripe account. The Pay with Crypto feature allows businesses to integrate stablecoin payments via Stripe Checkout, Elements, or the Payment Intents API. Payment limits are set at $10,000 per transaction and $100,000 per month, with a transaction fee of 1.5%, according to the product page.

The reintroduction of crypto services comes after Stripe’s decision to discontinue Bitcoin payments in 2018 due to concerns over market volatility, slow transaction speeds, and high fees. The company had initially supported Bitcoin payments since 2014. Additionally, Stripe has integrated with Avalanche, enabling users to access specialized crypto products and NFT platforms operating on that network.

FAQs

What cryptocurrencies does Stripe now support?

Stripe has reintroduced support for USD Coin (USDC) as its primary cryptocurrency. This allows businesses to accept USDC payments from customers in over 150 countries.

How does Stripe simplify crypto transactions for businesses?

Stripe simplifies crypto transactions by automatically converting stablecoin payments (like USDC) into fiat currency and settling them through the merchant’s Stripe account. This streamlines the payment process for businesses and eliminates the need for them to manage cryptocurrency directly.

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.