Stripe Set to Launch USDC Stablecoin Payments This Summer
Stripe, a leading US fintech company, has declared its intention to incorporate stablecoin payments into its checkout service later this year, marking a significant endorsement for cryptocurrency. Customers will soon be able to use USDC stablecoins, issued by Circle, to complete transactions during checkout.
This functionality will support wallet options across Solana, Ethereum, and Polygon networks, ensuring instant on-chain settlement and automatic conversion to fiat currency. Stripe aims to launch this feature by summer.
John Collison, co-founder of Stripe, announced these plans at the Stripe Sessions conference in San Francisco’s Moscone Centre earlier this week.
Key Points:
- Stripe introduces stablecoin payments for checkout, supporting USDC.
- Compatible with Solana, Ethereum, and Polygon; instant conversion to fiat.
- Feature rollout expected this summer, announced by co-founder John Collison.
Stripe Reinvigorates Cryptocurrency Strategy with Stablecoin Initiatives
Stripe’s journey with cryptocurrency began in 2014 when it initiated trials integrating Bitcoin with automated clearing house (ACH) payments. Despite discontinuing support for Bitcoin on April 23, 2018, due to volatility and slow transaction times, Stripe has not shied away from the crypto sphere.
In 2023, the company introduced a feature on its Connect platform allowing USDC payouts, though this did not extend to account-to-account payments. Additionally, Stripe launched an embeddable fiat-to-crypto onramp, enabling Web3 companies to incorporate a crypto-purchasing widget into their platforms.
Despite challenges within the industry, including SoFi ending its cryptocurrency services and Vast Bank closing its crypto banking app, Stripe’s commitment to evolving digital currency solutions is evident. Last year, the fintech giant processed a staggering $1 trillion in total payments, underscoring its significant impact on the financial technology landscape.
Key Points:
- Stripe revisits crypto with USDC payouts and a fiat-to-crypto onramp for Web3.
- The fintech remains committed to digital payments, processing $1 trillion last year.
- Continues innovation despite industry setbacks and the exit of firms like SoFi and Vast Bank.
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