Stripe, a popular payment service, has announced that it will be reintroducing cryptocurrency payments in the form of stablecoins. The new service is set to launch this summer, providing a better experience for users. Co-founder and president of Stripe, John Collison, made the announcement at the company’s developers conference in San Francisco on April 25th. He stated that stablecoins are performing well and that crypto is finally becoming a practical means of exchange.
Stripe previously discontinued its Bitcoin payment option in 2018 due to issues with transaction times and high fees. Stablecoins have proven to be a more stable alternative. Collison highlighted the fact that stablecoin values have remained consistent, even during the crypto winter of 2021.
To demonstrate the effectiveness of stablecoin payments, Collison carried out a transaction on stage. Stripe will offer payment services using the USD Coin (USDC) on various blockchains, including Solana, Ethereum, and Polygon. Collison praised the stability and dollar peg of USDC, particularly in comparison to currencies like the Turkish lira.
Stripe initially embraced Bitcoin in 2014 as one of the first major payment providers to do so. Due to its limitations as a payment method, it was discontinued four years later. Despite this, Stripe has not completely abandoned crypto and was involved in Facebook’s Libra project before withdrawing due to pressure from US politicians.
In 2021, Stripe began rebuilding its crypto engineering team. The company collaborated with X (then Twitter) to enable creators on the platform to receive payments in USDC on the Polygon network. Stripe introduced fiat-to-crypto on-ramps through APIs in partnership with cryptocurrency exchanges. It also took on conversion and compliance obligations for its US customers, similar to Venmo and Robinhood.
By reintroducing crypto payments, Stripe is not only adapting to the growing market but also providing its users with a more efficient and reliable payment method. This move signifies the company’s continued dedication to innovation and meeting the evolving needs of its customers.
Stripe’s involvement in the Libra project and now reintroducing crypto payments demonstrates their commitment to staying ahead of the curve. Impressive!
I’m glad Stripe recognized the limitations of Bitcoin and found a better alternative with stablecoins. This will make transactions much smoother. 💸😃
Just when I thought Stripe was getting it right, they go and introduce a payment method that’s so niche and unreliable.
Stripe’s involvement in the Libra project may not have worked out, but it’s great to see them bouncing back with impressive crypto initiatives.
Stablecoins might be stable now, but what happens if the market crashes again? Stripe needs to think about the long-term consequences of this decision.
I love how Stripe is embracing stablecoins like USDC, which have proven to be stable even during market fluctuations. Their dedication to reliability speaks volumes. ⚖️💪