Stripe Resumes Support for Crypto Payments with USDC after Six-Year Break – Decrypt

On Wednesday, global payments giant Stripe fulfilled its April commitment to reinstate crypto support, marking six years since it first discontinued Bitcoin payments on its platform.

The San Francisco-based firm has introduced a new payment option that allows businesses to accept USD Coin (USDC) from customers in more than 150 countries, Jeff Weinstein, Stripe’s product lead, announced on Twitter (X).

“Crypto on Stripe is officially back!” he tweeted. “We’re rolling this out to hundreds of thousands of US businesses today.”

Support for additional countries is expected to be rolled out in the near future. Decrypt has reached out to clarify that point.

In April, Weinstein announced that Stripe would initially support payments using USDC across Ethereum, Solana, and Polygon networks.

Stripe follows the lead of rival PayPal in offering crypto rails to support transactions after it expanded its services in 2021. PayPal began allowing customers to make purchases at millions of merchants worldwide using its “Checkout With Crypto” feature.

Following that approach, Stripe aims to simplify crypto transactions by automatically converting stablecoin payments into fiat currency and settling them via a merchant’s Stripe account.

The “Pay with Crypto” feature allows businesses to integrate stablecoin payments through Stripe Checkout, Elements, or the Payment Intents API.

Payment limits are set at $10,000 per transaction and $100,000 per month, with the firm charging a 1.5% transaction fee, according to a product page.

Stripe’s reintroduction of its crypto services comes after a decision to end support for Bitcoin payments in 2018, where it cited concerns over market volatility, slow transaction speeds, and high fees. The company first began supporting Bitcoin payments in 2014.

Stripe has also integrated with Avalanche to allow users to access niche crypto products and NFT platforms that run on the network.

Edited by Sebastian Sinclair

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In a groundbreaking move, global payments giant Stripe has reinstated its support for cryptocurrencies after a six-year hiatus. This decision comes after the company initially discontinued Bitcoin payments on its platform back in 2018. On Wednesday, Stripe announced the reintroduction of crypto support by unveiling a new payment option that allows businesses to accept USD Coin (USDC) from customers in over 150 countries.

Jeff Weinstein, Stripe’s product lead, took to Twitter to share the exciting news, stating that the company is rolling out this new feature to hundreds of thousands of US businesses. This move signifies a significant step towards embracing the potential of cryptocurrency in the global payments landscape.

The decision to reintroduce crypto support comes as a response to the growing demand for digital assets in the mainstream financial sector. By offering USDC payments across Ethereum, Solana, and Polygon networks, Stripe aims to provide businesses with a seamless and efficient way to accept crypto payments from customers worldwide.

Stripe’s decision to reinstate crypto support follows a similar move by rival payment platform PayPal, which expanded its services to include crypto transactions in 2021. With the “Checkout With Crypto” feature, PayPal allowed customers to make purchases using various digital assets at millions of merchants globally. By following in PayPal’s footsteps, Stripe hopes to simplify crypto transactions by automatically converting stablecoin payments into fiat currency and settling them through the merchant’s Stripe account.

The “Pay with Crypto” feature offered by Stripe enables businesses to integrate stablecoin payments seamlessly through Stripe Checkout, Elements, or the Payment Intents API. With payment limits set at $10,000 per transaction and $100,000 per month, Stripe also charges a 1.5% transaction fee to facilitate these transactions efficiently.

Stripe’s reintroduction of crypto services signifies a shift in the company’s stance towards digital assets. Previously, the company discontinued Bitcoin payments in 2018 due to concerns over market volatility, slow transaction speeds, and high fees. However, with the growing mainstream adoption and acceptance of cryptocurrencies, Stripe is now embracing the future of finance by enabling businesses to accept digital assets through its platform.

In addition to reinstating support for cryptocurrencies, Stripe has also integrated with Avalanche to provide users with access to niche crypto products and NFT platforms that operate on the network. This partnership further solidifies Stripe’s commitment to offering innovative solutions in the rapidly evolving digital payments landscape.

Conclusion:
The resurgence of crypto support by global payments giant Stripe signals a new era of digital innovation in the financial sector. By reintroducing support for cryptocurrencies and enabling businesses to accept USDC payments, Stripe is paving the way for greater adoption of digital assets in mainstream commerce. As the world of finance continues to embrace the potential of blockchain technology and decentralized finance, companies like Stripe are at the forefront of creating a more inclusive and accessible financial ecosystem. Stay tuned for more exciting news and updates on the latest trends in the crypto space by visiting DeFi Daily News.



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