Key Points
- 56% of active websites using Stripe are based in the US and can now accept USDC payments.
- Stripe payment processor could unlock impressive retail money into crypto.
Payment processing company Stripe is making moves that support crypto adoption.
The largest private fintech company valued at about $65 billion allows US merchants to begin accepting USDC payments through their online stores, and have them settle natively in fiat.
Considering the impressive transactions that Stripe makes on a yearly basis, this could mean significant retail capital flowing into the crypto markets.
Crypto on Stripe Is Officially Back
Jeff Weinstein, product lead at Stripe, recently shared a post via his X account, saying that crypto on Stripe is officially back.
According to him, these are the key points worth highlighting:
- Stripe now accepts stablecoins from over 150 countries.
- Buyers can pay in USDC via Ethereum, Solana, and Polygon.
- USA businesses receive USD.
- The new Stripe feature works with checkout, elements, or payment intents
- Soon, subscriptions will follow.
He also noted that Stripe is rolling out the new feature to hundreds of thousands of US businesses and more countries will follow as well.
Pay with Crypto – Accepting Stablecoin Payments That Settle as Fiat
In the official Stripe docs, the company details its new feature called “Pay with Crypto.”
This allows users to accept stablecoin payments (USDC payments on Ethereum, Solana, and Polygon and USDP on Ethereum and Solana) that settle as fiat in their Stripe balance.
The payments can be accepted without the complexity of holding and converting crypto to fiat, and Stripe charges 1.5% of the transaction amount in USD.
To enable the Pay with Crypto feature, users have to activate a Stripe account and choose the crypto payment method.
739,000 Stripe Merchants in the US
According to official data from Charge Flow, 739,000 merchants or 56% of all active websites using Stripe are in the US.
Also, here are more impressive numbers:
- Stripe surpassed $1 trillion in TPV (total payment volume) in 2023 – 10 years faster than PayPal which took 23 years to achieve this.
- Merchants in 51 countries use Stripe to accept and process payments.
- Stripe is currently valued at $65 billion – one of the most valuable privately held companies on the planet.
- Stripe holds a market share of 21% – the world’s second-most-used payment solution.
- Over 100 Stripe customers process $1 billion or more on a yearly basis.
- Over 4 million websites have already used Stripe to accept payments.
- Stripe raised almost $10 billion from 56 investors to date.
These verified Stripe statistics were revealed as of May 2024 by Charge Flow.
What Does It All Mean?
Long story short, all the official numbers listed above mean that Stripe’s new feature for US businesses could unlock impressive amounts of retail online money flowing into the crypto industry.
By introducing the Pay with Crypto feature, Stripe is supporting the mass adoption of digital assets.
So far, almost 740,000 US-based merchants will be able to use crypto and the remaining 2.1 million global merchants will also likely be unlocked soon.
