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Stripe Relaunches Stablecoin Payments

Stripe is back in the cryptocurrency space with stablecoin payments, emphasising USDC on the Solana, Ethereum, and Polygon platforms.

TakeAway Points:

  • Stripe Inc. is reintroducing cryptocurrency payments, with a concentration on stablecoins, to improve transaction speed and cut costs.
  • The programme, which will launch this summer, emphasises the usage of Circle’s USDC coin and uses technological developments in cryptocurrency for “actual utility.”
  • This action represents a dramatic departure from Stripe’s decision to stop accepting Bitcoin payments in 2018 because of low user demand and a bad user experience.

Crypto Payments Are Back on Stripe

Reintroducing cryptocurrency payments and initially concentrating on stablecoins, Stripe Inc. has announced a fundamental change in its payment processing approach. Following a six-year break, this action indicates the fintech giant’s renewed support for digital currencies. 

John Collison, the co-founder and president of Stripe, cited the development of technology in the cryptocurrency space as a major factor in this choice.

He cited faster transactions and lower fees as reasons why crypto is now a practical choice for actual utility. With an objective to launch this summer, Stripe will specifically begin by facilitating USDC stablecoin payments on platforms like Solana, Ethereum, and Polygon.

“There’s been a lot of technical improvements happening in crypto… Transaction speeds have increased in crypto, while fees have gone down as crypto finds ‘real utility’… stablecoins are becoming ‘more stable’.” Collison, said.

Traction for Stablecoins

The selection of stablecoins, especially USDC, shows how people are becoming more and more confident in the stability and usefulness of these digital currencies.

For cryptocurrency transactions, stablecoins—whose value is based on reliable assets like the US dollar—offer a less erratic choice. For both customers and retailers in the internet economy, this stability is essential. 

The adoption of stablecoins by the fintech industry is further demonstrated by Stripe’s decision to use Circle’s USDC token for cryptocurrency payments. As demonstrated by PayPal Holdings Inc.’s introduction of its PYUSD stablecoin last year, this action is in line with more general industry trends.

The Crypto Journey of Stripe

Stripe’s experience with cryptocurrencies has been erratic. About ten years ago, the company became an early adopter by accepting Bitcoin payments.

However, due to volatility and little demand, the service was discontinued in 2018. But Stripe has not stopped exploring the cryptocurrency market; in 2022, the company will introduce a crypto on-ramp service and test out cryptocurrency payouts on Twitter.

Stripe’s deliberate and methodical approach to incorporating cryptocurrencies into its services is demonstrated by these actions as well as its most recent statement. Allowing integration with rival payment providers is a symptom of a more comprehensive plan to improve and diversify the company’s financial services toolkit.


Stripe, Inc. is an international financial services and software as a service (SaaS) corporation owned by Irish Americans, with dual headquarters located in South San Francisco, California, and Dublin, Ireland. The company’s main products are application programming interfaces and payment processing software for mobile apps and e-commerce websites.

In April 2022, Twitter declared that it would collaborate with digital payments processor Stripe Inc. to test cryptocurrency payouts for a select group of platform users. “Stripe Connect will manage the KYC requirements and handle the bitcoin payment routing,” stated Stripe. The business declared that in the future, it intended to include choices for payment in additional cryptocurrencies.

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