Stripe Reintroduces Crypto Payments with Support for USDC Stablecoin
- Stripe is re-entering the cryptocurrency space by reintroducing global crypto payments, initially supporting USDC later this summer.
- Stripe Co-Founder John Collison announced the return of crypto payments, promising an improved user experience.
It's been six years since the payment processing giant Stripe discontinued its crypto initiative. But now, it is back in the crypto game.
Stripe has recently announced that it is reintroducing crypto payments globally. It is bringing back the service later this summer. And initially, only for Circle’s USDC stablecoin.
“We’re excited to announce that we’re bringing back crypto as a way to accept payments, but this time with a much better experience,” said John Collison, Co-Founder and President of Stripe.
Crypto is back. @Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat. Join the waitlist https://t.co/hws2OsU3Id and watch the demo (h/t @Solana) from Sessions. pic.twitter.com/zGKYW2FM6i
— John Collison (@collision) April 25, 2024
In terms of crypto supportability and availability, the company’s website states that Stripe provides different levels of support for businesses in the crypto ecosystem based on the use case and region.
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Businesses are required to submit extra documentation and obtain explicit approval during the onboarding process to use Stripe. The supportability of use cases and payment methods may also vary due to evolving crypto regulations.
In 2014, we were the first major payments company to support Bitcoin payments. However, by 2018, our cryptocurrency efforts had waned. In a blog post, we noted that Bitcoin had become more suitable as an asset rather than a means of exchange. Additionally, transaction confirmation times and fees had increased significantly.
Edited by Harshajit Sarmah
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