Online payment giant Stripe has returned to the cryptocurrency field after a six-year hiatus. Today, Stripe announced that it will soon allow merchants to accept USD Coin (USDC) as a form of payment. This move not only expands the functionality of its payment platform but also increases its global influence.
Background:
In April, Binance stopped supporting USDC on the TRON network. Can TRON escape heavy US regulation?
Table of Contents:
Expanding Global Influence through Stablecoin Payments
Choosing Ethereum, Solana, and Polygon as Collaboration Partners
Why not support USDT?
Global online payment giant Stripe is returning to cryptocurrency payments! As early as 2014, Stripe became one of the first companies to accept Bitcoin payments. However, in 2018, the project failed due to reasons such as rising transaction costs and excessive volatility.
Now, after a six-year hiatus, Stripe has announced that it will once again allow customers to accept cryptocurrency payments. Initially, it will only support one currency, namely USD Coin (USDC).
In fact, as early as March 2022, Stripe had attempted to re-enter the cryptocurrency market and expand the functionality of its payment platform to support NFT purchases and other Web3-related services. In this upgrade, Stripe has implemented multiple security measures, including a KYC process, to enhance fraud prevention. Last year, there were also reports that Stripe was collaborating with Twitter (now X) to develop payment functions.
Today, Stripe officially announced that it will soon allow merchants to accept USD stablecoins (USDC) as a form of payment, further expanding the functionality of its payment platform. USDC is currently the second-largest stablecoin in the cryptocurrency field and the sixth-largest cryptocurrency by market capitalization. John Egan, the cryptocurrency director at Stripe, stated:
Despite processing up to $1 trillion in transactions last year and reaching a valuation of $65 billion, Stripe’s exploration in the cryptocurrency field has been filled with setbacks. If we delve into it during market instability, it could pose risks to our core business and even impact our image as a stable financial giant.
According to a Stripe spokesperson, Stripe will initially support USDC transactions on the Ethereum, Solana, and Polygon networks. The spokesperson added:
Interestingly, Stripe has chosen to abandon the stablecoin leader USDT and opt for USDC, which seems to indicate its greater trust in the compliance of USDC rather than USDT.
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Stripe, the giant, returns to cryptocurrency payments! Supports fiat transactions, NFTs, KYC; FTX also becomes a partner.