Key Takeaways:
- Stripe launches USDC payments, with users from 70+ countries adopting it on the first day, marking a significant move towards global crypto adoption.
- After halting Bitcoin payments in 2018, Stripe returns to crypto with stablecoin payments on Ethereum, Solana, and Polygon blockchains.
- Stripe’s stablecoin transactions are auto-converted to USD, with a 1.5% transaction fee, reflecting increased demand for low-cost digital payment solutions.
Stripe has launched support for USD Coin (USDC) payments, signaling a significant move in global crypto adoption.
On its first day, users from 70 countries embraced the new stablecoin payment option, highlighting the growing demand for alternative digital transactions.
Stripe said individuals from more than 70 countries have used stablecoins for online transactions during the first 24 hours after allowing merchants using its platform to accept crypto payments again https://t.co/b6R7HwWDYA
— Bloomberg (@business) October 10, 2024
Although Stripe initially supported Bitcoin payments in 2014, it halted them in 2018 due to slow processing and high fees.
However, after forming a blockchain team in 2021, Stripe is now focused on integrating stablecoins into its platform, with USDC available on Ethereum, Solana, and Polygon blockchains.
Merchants can incorporate USDC payments, which are automatically converted into US dollars with a 1.5% fee.
Stripe’s push into crypto includes a partnership with Coinbase, expanding its crypto-related services.
Jeff Weinstein, Stripe’s product lead, emphasized the potential of stablecoins to help businesses reduce costs and expand customer reach, while co-founder John Collison noted that crypto is becoming a practical exchange tool.
This marks Stripe’s deepened commitment to blockchain technologies and digital payments.
About The Author
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
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