Payment solutions provider Stripe has introduced global support for USDC transactions, enabling U.S. businesses to accept payments through Ethereum (ETH), Solana (SOL), and Polygon (POL).
USDC Payments Across Three Major Blockchains
The new feature allows U.S. companies to receive USDC payments from customers in over 150 countries, with settlements made in U.S. dollars. Businesses can integrate the feature through Stripe’s existing platforms, including checkout, elements, and payment intents.
Jeff Weinstein, Stripe’s Head of Product, announced the move on social media platform X, stating,
“Crypto on Stripe is officially back! Accept stablecoins from 150+ countries. Buyers pay in USDC… You, as a USA business, receive USD.”
This marks the company’s return to offering crypto-based payment processing since discontinuing Bitcoin support in 2018. It is expected to benefit a wide range of U.S. companies by providing them a simplified way to accept stablecoins across multiple blockchains without the need to hold or convert the digital currency themselves.
A Strategic Return to Crypto
Stripe initially ventured into cryptocurrency in 2014, when it became one of the first payment processors to support Bitcoin. However, by 2018, the company withdrew support for Bitcoin, citing slow transaction times, high fees, and volatility as reasons for the move. The recent reintroduction of crypto payments is part of Stripe’s broader strategy to enhance its blockchain offerings.
In April, John Collison, co-founder and president of Stripe, had hinted at the company’s plans to reintroduce USDC-based payments. This new service aligns with those plans, officially launching the feature for U.S. companies and marking Stripe’s growing interest in stablecoin adoption.
Expansion of Crypto Features
Stripe has been steadily expanding its crypto capabilities in recent months. In July, the company’s European division launched a widget that allows online vendors in the EU to accept various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). This move followed an April announcement regarding USDC payments and the company’s partnership with Coinbase in June, where Stripe integrated Coinbase’s Layer 2 network, Base, into its payout products. The partnership enables users to purchase digital assets with credit cards or Apple Pay through Coinbase Wallet.
According to Stripe’s website, the Pay with Crypto feature simplifies the process for businesses, as it allows them to settle digital asset payments without directly managing or holding the crypto themselves.
Stripe’s official statement reads,
“You can accept USDC payments on Ethereum, Solana, and Polygon without the complexity of holding or converting crypto to fiat yourself.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/10/stripe-enables-usdc-support-for-us-companies-across-leading-blockchains