Stripe reopens crypto payments with USDC focus

Payment processor Stripe has announced the reintroduction of cryptocurrency payments.

Stripe’s re-engagement with the cryptocurrency sector comes with a focus 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 continued to explore the crypto space, supporting NFT purchases and Web3 companies in 2022.

“Crypto is back. @Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat,” John Collison, co-founder of Stripe, said on X.

The decision to support stablecoin payments offers a less volatile alternative to traditional cryptocurrencies and aligns with Stripe’s positive stance on the potential of digital currencies.

USDC is a stablecoin pegged to the value of the U.S. dollar issued by Circle Internet Financial.

It has a market capitalization of US$33.45 billion, making it the second-largest stablecoin in the world after Tether’s USDT, its main rival.

USDT has a market capitalization of US$110.9 billion, according to CoinGecko data.