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After a six-year hiatus, Stripe, the payment processing giant, has reintroduced crypto payments for U.S. businesses. This development marked a significant milestone in the company’s relationship with digital assets. Stripe added that this service is now available and accessible to more than 150 countries.
Stripe’s Journey with Crypto: From Bitcoin to USDC
Stripe became the first major payments company to support Bitcoin (BTC) years ago. The firm heralded the integration of digital currencies into mainstream commerce then. However, the feature was discontinued in 2018 due to long confirmation times and high transaction fees.
Also, the notorious price volatility of Bitcoin at the time added to the cause. In 2021, the payment firm even proposed the re-adoption of the virtual currency. But as demand for crypto payments waned, Stripe paused its crypto aspirations until now.
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Now, Stripe has chosen to focus on USDC, a stablecoin pegged to the U.S. dollar. Notably, this is in a bid to overcome the challenges that previously plagued Bitcoin payments.
USDC Payments Available Across Ethereum, Solana, and Polygon
In a press statement, Stripe revealed that crypto payments through USDC are powered by three major blockchain networks: Ethereum, Solana, and Polygon. These blockchains are set to offer lower fees, faster confirmation times, and enhanced scalability, essentially addressing many of the issues Stripe faced with Bitcoin.
Recently, Jeff Weinstein, Stripe’s Product lead, shared that US users can integrate USDC payments using Stripe’s checkout, elements, or payment intents. Merchants can also receive stablecoin payments and convert them into dollars.
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He noted that soon support will extend to Stripe’s subscription services, allowing for recurring payments in USDC. Notably, Stripe initially teased the idea of reintroducing this initiative back in April.
Stripe Expands Crypto Portfolio
The reintroduction of crypto payments in the U.S. is not Stripe’s first crypto-related move this year. In July, Stripe’s European arm enabled merchants to integrate a widget. EU users can now purchase Bitcoin, Ethereum, Solana, and other altcoins directly from their sites.
The company has been steadily expanding its crypto capabilities, reflecting a growing demand from merchants and customers for more seamless access to digital assets.
Stripe further deepened its involvement in the crypto ecosystem in April by partnering with Avalanche, a blockchain platform. This collaboration allowed verified Stripe users to buy Avalanche’s token AVAX and send it to their wallets.
