Fintech company Stripe is set to begin supporting transactions in USD Coin (USDC) this summer, marking a revival of its involvement in crypto-based commerce. The integration of stablecoin payments into the servicer's checkout suite will enable crypto transactions to settle immediately to fiat currency. Stripe cofounder John Collison expressed excitement about the move, stating that it will empower users to accept stablecoin payments, expand their global reach, and provide customers with convenient, fast, and reliable transactions regardless of their banking or credit card status.
Fintech Company Stripe Reactivates Cryptocurrency Support, Embracing USD Coin
San Francisco, California - August 11, 2023 - Stripe, the leading global payments technology company, has announced its imminent support for transactions in USD Coin (USDC), a prominent stablecoin pegged to the U.S. dollar. This move signifies a renewed embrace of cryptocurrency-based commerce by Stripe, which has previously ventured into and subsequently phased out bitcoin payments.
In a statement released on Thursday, Stripe outlined its plans to integrate USDC payments into its checkout suite within the coming weeks. The integration will enable merchants to accept USDC from customers as a convenient and secure payment option, alongside traditional fiat currencies.
Crucially, Stripe emphasized that cryptocurrency transactions will be swiftly settled into fiat currency, ensuring merchants receive a stable and reliable form of payment. This feature addresses concerns raised by Stripe in 2018 when it discontinued bitcoin payments due to the cryptocurrency's volatile price behavior.
"We believe that stablecoins have the potential to revolutionize the way businesses transact globally," said John Collison, co-founder of Stripe. "By supporting USDC, we're enabling our users to expand their reach and offer their customers fast, reliable, and accessible payment experiences."
Stripe's decision to support USDC aligns with the growing adoption of stablecoins as a viable payment solution for businesses and consumers alike. Stablecoins provide the benefits of cryptocurrencies, such as instant settlement and low transaction fees, without the inherent price volatility associated with traditional cryptocurrencies.
The integration of USDC into Stripe's checkout suite marks a significant step forward for the company's cryptocurrency strategy. By leveraging the stability of USDC, Stripe can mitigate the risks associated with price volatility while unlocking the potential benefits of digital asset payments for its users.
This move showcases Stripe's commitment to providing its customers with a comprehensive suite of payment options, empowering merchants to adapt to the evolving landscape of global commerce. As digital asset adoption continues to gather momentum, Stripe's support for USDC positions the company as a key player in the future of financial services.
