Stripe, the payment processing giant, has made a significant move by reintroducing cryptocurrency payments into its platform. This time, the focus is on USDC, allowing businesses to accept payments on Solana, Ethereum, and Polygon starting this summer.
Despite discontinuing Bitcoin payments in 2018 due to high costs and volatility, Stripe has maintained its interest in the crypto space. In 2022, it extended support to NFT purchases and Web3 companies.
John Collison, co-founder of Stripe, expressed the company’s re-engagement with crypto, stating, “Crypto is back. @Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat.”
The decision to support stablecoin payments reflects Stripe’s recognition of the potential of digital currencies while offering a less volatile alternative to traditional cryptocurrencies.
USDC, a stablecoin pegged to the value of the U.S. dollar issued by Circle Internet Financial, serves as the primary focus for Stripe’s cryptocurrency payments. With a market capitalization of US$33.45 billion, USDC stands as the second-largest stablecoin globally, following Tether’s USDT, which boasts a market capitalization of US$110.9 billion, according to CoinGecko data.