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Stripe to Reintroduce Crypto Payments with USDC on Solana, Ethereum, and Polygon, Ending Five-Year Hiatus
- Stripe, one of cryptocurrency’s earliest adopters, has re-entered the scene amid tightening regulations and greater institutional involvement.
- The team is set to begin accepting crypto payments to and from merchants in USDC across three blockchains.
- The supported networks will be Solana, Ethereum and Polygon.
- For now, it appears that only customers in the US can access the feature, however global support is likely to be rolled out depending on its initial success.
Stripe has been a significant figure in the cryptocurrency scene since almost the beginning. The payment giant actually affiliated itself with Bitcoin a decade ago in 2014 – when very few businesses believed in the asset class – on a trial basis.
However, it was only four years later that Stripe, despite being early adopters, cut its support for digital assets amid the brutal 2018 crypto winter.
But, just like the Terminator… they’re back.
Related: Visa Stirs Controversy with Claims that Stablecoin Transactions ‘Inorganic’
Crypto Payments Available to US Merchants Within a Few Months
Stripe actually re-entered the sector in 2022, following the market’s explosion the year prior. Although that actually proved to be crypto’s most challenging cycle in its history, with the collapse of TerraUSD and FTX, Stripe saw a customer base opening up.
The team implemented a crypto-to-fiat conversion service that allowed instant crypto payouts. However, the payment processing goliaths still didn’t accept crypto payments – until now.
Earlier this month, Stripe announced that they were introducing support for “global stablecoin payments” later this summer (aka winter for our Aussie readers).
The key difference this time around is that the financial company is differentiating between assets and methods of exchange. Although Bitcoin can still be used to pay for goods, its high price paired with relative volatility makes it more a store of value.
On the flipside, stablecoins bring the benefits of the blockchain to payment processing with a…well… stable value.
Stripe users will be able to send and receive cryptocurrency using the second-biggest stablecoin by market cap, Circle’s USDC. The team will integrate Solana, Ethereum and Polygon’s networks to settle transactions.
So far, there are a few restrictions in place on who can and cannot access the feature. Merchants who wish to accept crypto need to fill out a form, and it appears that only US residents can access crypto payouts – for now.
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Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
