### Revitalizing Crypto Payments: Stripe Resurrects with USDC Stablecoin

19 views 2:25 pm 0 Comments May 13, 2024

  • Stripe is planning to reintroduce cryptocurrency payments later this year, starting with Circle’s USDC stablecoin, on the Solana, Ethereum, and Polygon blockchains.

  • In 2018, Stripe stopped supporting bitcoin during the initial crypto winter.

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After six years of discontinuing support for bitcoin (BTC) and crypto payments, Stripe is poised to reintroduce the service later this summer, commencing with Circle’s USDC stablecoin.

During a keynote speech at the Global Internet Economy conference, Stripe’s co-founder and President, John Collison, unveiled the return of crypto payments with an enhanced user experience.

In 2014, Stripe entered the bitcoin ecosystem but ceased all crypto-related activities in 2018 due to bitcoin’s volatility and its transition from a medium of exchange to an asset. The decision was driven by the prolonged transaction times and escalating fees associated with bitcoin at that time.

Following the crypto winter of 2018, where bitcoin’s value dropped from \(19,650 to \)3,401, Stripe significantly scaled back its involvement in the crypto sphere. In 2019, the company briefly engaged in Facebook’s Libra project but later withdrew as the project failed to materialize. In 2022, Stripe introduced a project enabling fiat-to-crypto payments.

Collison emphasized the advancing utility of crypto, highlighting enhanced transaction speeds and reduced costs, positioning crypto as a feasible medium of exchange.

Stripe declared that payments will be facilitated on the Solana (SOL), Ethereum (ETH), and Polygon (MATIC) blockchains.

With a valuation of \(65 billion and processing over \)1 trillion in transactions in 2023, Stripe remains a prominent global payment provider.

This content has been revised by Nick Baker.