Payments giant Stripe is back in business and seeks to incorporate stablecoin payments after a six-year wait. It will use USDC for crypto transactions.
Stripe, a payment service provider, is all prepared to bring back cryptocurrency in the form of stablecoin payments using USDC. With this initiative, Stripe customers can make payments using the USDC, which will be available this summer. It will be the first time the payment giant has incorporated crypto payments since 2018.
Stripe’s New Service Announcement
On Thursday, April 25, John Collison, the co-founder and President of Stripe, announced the new crypto payment service. Collison took the social media platform X to state the availability of the stablecoin payment services using USDC.
Crypto is back. @Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat. Join the waitlist https://t.co/hws2OsU3Id and watch the demo (h/t @Solana) from Sessions. pic.twitter.com/zGKYW2FM6i
— John Collison (@collision) April 25, 2024
The motive is to support stablecoin payments globally, instant settlement of transactions on-chain, and automatic conversion to fiat currency. John Collison revealed the plan during the company’s developers conference in San Francisco.
“Crypto is finally making sense as a means of exchange and Stripe is on the way to offering crypto in the form of stablecoin payments. Users can pay with USDC beginning this summer,” said Collison.
After Stripe canned BTC payments in 2018, this is the first time the company has incorporated crypto payment, mainly with USDC. The company removed supporting digital assets due to price instability. In 2014, Stripe was the first company to adopt Bitcoin (BTC) for payment services and discontinued the service after four years.
Furthermore, the payment provider had a significant involvement in the crypto market, and a partnership with X best represents this. The purpose is to introduce a program that permits individuals to receive payments in USDC on Polygon using the social media platform.
Afterward, the company created fiat-to-crypto-ramps using application programming interfaces (APIs). Also, Stripe has been working on its crypto engineering team since 2021.
Working with stablecoins could be a significant step for stripes in the fintech market.
All About USDC Stablecoin
John Collison’s announcement has had a significant impact on the stablecoin market. The stablecoin market hit its all-time highest market cap since May 2022.
According to Forbes, the current stablecoin market cap is over $160.85B, a decline of 0.01% in one day. Stablecoins, including Tether, USDC, Pound Token, and PayPal USD, are also performing well.
As per CoinMarketCap data, USDC is currently trading at $0.9999 after a drop of 0.02% in the past 24 hours. The stablecoin has a market cap of $33,416,133,076 and $7,292,546,722 in 24-hour trading volume.
