Payment giant Stripe is re-entering the cryptocurrency payment arena by offering services that allow the use of the stablecoin USDC on blockchain platforms such as Solana, Ethereum, and Polygon. Co-founder John Collison made the announcement at a developer conference in San Francisco. Stripe had previously adopted Bitcoin (BTC) as a payment method in 2014 but discontinued the service due to lack of customer demand. However, the company remained ambitious about blockchain payments and has been searching for more stable and efficient cryptocurrency payment methods. Collison stated that stablecoins offer stability in terms of payment speed and price fluctuations, making them ideal payment tools. Additionally, as the USDC is pegged to the US dollar, it can also serve as a means of value storage, suitable for quick online transactions without the risk of sudden price drops. In addition to introducing stablecoin payments, Stripe is also a payment processor on the social platform X. In collaboration with X (formerly Twitter) in 2022, Stripe launched a project that allowed creators on social platforms to receive payments in USDC on the Polygon chain. This was achieved by integrating with cryptocurrency exchanges through APIs, creating a gateway for converting fiat currency into cryptocurrencies. Stripe also announced that in the future, merchants will be able to use its billing and tax functions even if they use other payment providers such as competitors Adyen or PayPal, making it easier for businesses to utilize its financial service products and payment processing technology. Stripe enables businesses to accept online payments and provides services such as sending payments and automating corporate financial processes. Currently, over 100 companies use Stripe products, processing at least $1 billion annually. Stripe’s clients include cryptocurrency platform Blockchain.com, digital wallet provider MetaMask, and NFT trading platform Magic Eden. By re-entering the cryptocurrency payment market, Stripe will bring users more payment options and convenience. As one of the world’s leading payment processors, Stripe’s move may have a significant impact on the entire cryptocurrency market, promoting the widespread adoption and application of cryptocurrency payments.
