Payment Provider Stripe Revive Crypto Initiative by Launching USDC Payment
In its Thursday report, the giant payment company Stripe revealed plans to support USD Coin (USDC) payments. The announcement created excitement among the crypto community since it will streamline the payment process.
Also, the integration of USDC payment on the Stripe platform showcase the company committment in transforming the crypto sector. The fintech company plans to introduce USDC payment to retail and institutional clients using the Stripe platform this summer.
Stripe Reenter Crypto Sector
The Stripe team confirmed that plans to integrate USDC payment were underway and will be available on the servicer checkout in a couple of weeks. The proposed integration aims at enabling the merchant to settle their bills using crypto.
Despite the volatile nature of crypto assets, the Stripe team plans to revive its activities in the crypto sector. An announcement conveyed by the head of the crypto division at Stripe, John Egan, revealed that the integration of USDC aimed at providing the customer with a reliable, convenient, and cost-effective approach to conducting daily transactions.
The executive believes that crypto payments will empower Stripe users to adopt crypto assets. With the proposed integration of USDC payment, Stripe will join other companies in championing the mainstream adoption of crypto assets.
The official admitted that Stripe will support USDC payment across multiple chains, including Ethereum, Polygon, and Solana. After the launch, the Stripe team plans to add the list of networks that will support the newly launched USDC payment option.
Payment Provider Support USDC Payment
In a subsequent report, the co-founder of Stripe, John Collison, updated the X community that the US-based payment company will support USDC transactions this summer. The executive announced the major comeback of Stripe to the crypto sector.
In his report, Collison stated that USDC transactions will be settled on-chain to allow the user to convert their funds to fiat currency. The official restated that Stripe plans to revive its crypto initiatives after being dormant since 2018.
Reflecting on the current market performance, the executive admitted that crypto was finding real utility. Collison noted that as transaction speed increases, the cost is significantly reduced. After recording poor performance for months, the official underlined that crypto is currently making sense as a mode of exchange.
He admitted that compared to Bitcoin, stablecoins are less volatile since their value is backed by other assets such as dollar currency.
Stripe Enables USDC Payment of Ether, Polygon, and Solana
In an earlier report, Stripe was the first payment company to accept Bitcoin when crypto was still a new concept. With the changes in the digital ecosystem and the volatile nature of digital assets, the Stripe team agreed to abandon its crypto bid due to the increased cost of blockchain transactions.
During the crypto winter, Bitcoin plummeted from $19650 in 2017 to $3401 in 2018. The sudden decline in the price of BTC created fear among potential crypto investors.
At that time, when Stripe sunsetted its crypto initiatives, the payment company remained optimistic that the crypto bull would resurface.
In March 2022, the company enabled the Stripe payment feature on nonfungible token (NFT) purchases and Web3 companies. This development marked a significant step in ensuring the customers’ funds are safe from fraudulent schemes.
Also, Stripe has remained committed to protecting their consumer interest by deploying adequate know-your-customers (KYC) measures. With the ongoing development to edge Stripe into the crypto sector, rumors have it that payment provider has been working with X (formerly Twitter) to integrate payment features.
Even though Stripe did not comment on its collaboration with Twitter, the introduction of USDC payment demonstrates its commitment to working with key industry players. According to the report, the USDC payments will be converted to fiat and deposited to merchants’ Stripe accounts.
A review of the Stripe website indicates that the payment company’s total value amounts to $65 billion. The company valuation positions Stripe among the largest payment providers, with over $1 trillion in transactions.
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