Payments Firm Stripe Offers Stablecoin Payouts to Twitter Users

• Stripe is the first major payments business to accept bitcoin payments in 2014.
• All content providers must first conduct Know Your Customer onboarding checks.

Twitter artists will be among the first to use the new service offered by Stripe, a payment processor. Stablecoin payments will be possible on the Polygon blockchain, according to a statement released today. Stripe Connect, the company’s platform for integrating payments into online marketplaces, will be the first to provide such payments, with Twitter as the initial partner. 

Rapid Expansion to More Than 120 Countries

All content providers must first conduct Know Your Customer onboarding checks even when the organization has agreed to operate with cryptocurrencies. With their cryptocurrency wallets, they’ll then be able to manage their account details and check their real-time profits.

Twitter and Stripe plan to extend the initiative to more than 120 countries by the end of the year. This comes when Elon Musk still wants to take over Twitter and has informed the board of potential financing ways.

The first major payments business to accept bitcoin payments in 2014, Stripe ended service for the cryptocurrency in 2018. However, it was decided in 2021 that the market would return to cryptocurrencies. In 2022 it would begin rolling out its first partnerships, such as the crypto exchange giant FTX, which announced an agreement to partner with Stripe to improve its identity compliance features and fiat onboarding workflows.

Existing crypto payment providers would be at risk because of the increased competition that Stripe’s return to the crypto space. But USDC appears to be the big winner in this partnership because it gives its stablecoin, facing significant competition from new stablecoins such as $UST, a major use case.