Stripe Launches USD Coin Payment Option, Reconnecting with Cryptocurrency Payments

Stripe Launches USD Coin Payment Option: A Strong Response from Consumers Across 70 Countries

On the first day of the stablecoin payment option‘s deployment, Stripe, a prominent payment provider, saw consumers from 70 nations accept it, indicating a tremendous demand for alternative payment methods around the world. The first significant payment company to use Bitcoin in 2014 was Stripe. However, in 2018, the business changed its mind, removing Bitcoin as a payment option due to expensive fees and slow confirmation times.

After years of planning, Stripe finally made USD Coin stablecoin payment alternatives available to its consumers on October 9. Three years after stopping accepting Bitcoin payments, Stripe reorganized its blockchain team in 2021 and assigned them the responsibility of working on the backend, payments, identification, and web/mobile user interfaces.

Stripe Sees Global Adoption of USDC Payments Across 70+ Countries on Launch Day

According to a Bloomberg report, people from more than 70 countries made stablecoin payments on the first day after Stripe permitted merchants to accept USDC payments.

We, as a principle, do things that Internet businesses want; and they want to reach more customers at lower cost. Stablecoins, while still early, show some sign that they can help achieve that.

Jeff Weinstein, product lead at Stripe

On the Ethereum, Solana, and Polygon blockchains, Stripe supports USDC, and on the Ethereum and Solana blockchains, Pax Dollar. Before being kept in Stripe wallets, all stablecoin payments are exchanged for US dollars. 1.5% of the transaction value in US dollars is charged by the firm. Customers on both platforms will now have access to fiat-to-crypto on-ramps and off-ramps due to Stripe’s partnership with cryptocurrency exchange Coinbase in June.

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