Payment giant Stripe officially reintegrates crypto payment solutions into its platform, now allowing settlements in Circle’s USDC stablecoin.
Six months after announcing it would add support for crypto payments on its platform, Stripe has officially honored its commitment. On Wednesday, Stripe officially included USDC payment options, allowing transaction settlements with the stablecoin.
Stablecoin’s product lead, Jeff Weinstein, disclosed the integration, tweeting that crypto was officially back on Stripe. Circle’s CEO, Jeremy Allaire, confirmed the latest development, allowing USDC payments in over 150 countries.
Official launch and support for USDC payments in @stripe products rolling out for businesses in the US. Very exciting to see how this unfolds!https://t.co/CDcYOG2Tck
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) October 9, 2024
It bears mentioning that the Wednesday integration officially ends Stripe’s six-year discontinuation of crypto payments. In 2018, the payment giant announced it would no longer support Bitcoin payments on its platform after allowing it for four years. Notably, Stripe cited market volatility, slow transactions, and high fees as reasons behind the halt.
Stripe Enables USDC Payment
Stripe introduced the “Pay With Crypto” option on its platform on Wednesday, allowing users to pay merchants in USDC. The mechanism will enable businesses based in the US to accept stablecoin payments through the Stripe Checkout, Elements, or the Payment Intent API.
Notably, the USDC payments would only be initially processed on the Ethereum, Solana, or Polygon networks. Stripe will automatically convert the USDC received to fiat and settle with the merchant.
Meanwhile, Stripe revealed a transaction limit for users. The platform will not process payments exceeding $10,000 per transaction or $100,000 monthly for a single user. Furthermore, each transaction will incur a 1.5% transaction fee.
Other Stripe Crypto Venture
The Wednesday integration came after Stripe announced it has allowed access to the Avalanche network through its platform. The collaboration will enable its users exclusive access to crypto products and decentralized applications in the Avalanche ecosystem.
Furthermore, Avalanche’s Core wallet will integrate Stripe’s fiat-to-crypto onramp solution, allowing users to buy the AVAX token directly through a debit or credit card issued by the payment giant.
Notably, Stripe launched its onramp services in December 2022 following the FTX implosion. The product aims to remove the complexity of purchasing cryptocurrencies through third parties like centralized exchanges.
Meanwhile, Stripe strengthened its crypto comeback in June after announcing that European Union customers could buy Bitcoin, Ethereum, and Solana through debit cards.
Stripe’s crypto push mirrors a broader adoption of the sector among fintech solutions. PayPal and Visa have long embraced digital assets, providing their users with diverse means of exposure to the nascent industry.
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