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Stripe, a payment processing platform, has partnered with Aptos (APT), a layer-1 blockchain, and Circle, a stablecoin issuer. The partnership is part of the payment giant’s expansion plans to reach new markets with its services.
Circle’s USDC Gains Native Support on Aptos
As per the report, Stripe will ensure the availability of crypto on-ramp services on Aptos. The objective is to support merchants’ seamless movement of funds between traditional payment systems and blockchains. Users can directly convert fiat currencies into USDC via the Aptos-enabled crypto wallets.
The development will thus ensure that Aptos interacts well with decentralized finance (DeFi) applications in the sector.
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Before this partnership, USDC was only available as a bridge version on the network. However, with the collaboration, Circle will integrate Aptos into its Cross-Chain Transfer Protocol, a tool that allows USDC to move across various blockchains.
Stripe’s Commitment to Blockchain Innovation
Speaking on the development, John Egan, head of crypto at Stripe, emphasized that collaboration with the Aptos blockchain remains significant. Primarily, it offers a wide range of products to merchants and consumers alike to enable them to access efficient global funds flow using stablecoins.
Egan noted that this service is available to a broad spectrum of users, including retailers, who accept payments from anywhere around the world. It is also accessible to platforms that pay creators regardless of global location.
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Stripe acquired Bridge, a stablecoin payment firm, for $1.1 billion as part of its expansion moves earlier this year. The aim was to boost its blockchain abilities in handling global payments. Stripe, already a leader in the worldwide payment sector, further solidifies its position in the fintech sector.
Stripe Embraces USDC After Long Break
Interestingly, Stripe suspended crypto payments with USDC for merchants about six years ago. In a statement at the reintroduction of the service, Stripe revealed three major blockchain networks to power it. These include Solana, Ethereum, and Polygon.
The blockchains were preferred due to their speed in confirmation, low transaction fees, and enhanced scalability. Clarifying the service, Jeff Weinstein, Stripe’s Product lead, explained that users in the United States can integrate the USDC payments using Stripe’s checkout elements.
