Online payment giant Stripe is returning 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 payment method. This expansion of its payment platform will not only enhance its functionality but also increase its global influence.
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Table of Contents:
Expanding Global Influence through Stablecoin Payments
Choosing Ethereum, Solana, and Polygon as 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, the project ended in failure in 2018 due to rising transaction costs and high volatility.
Now, after a six-year absence, Stripe has announced that it will once again allow customers to accept cryptocurrency payments. Initially, it will only support one currency, the stablecoin USDC.
In fact, in March 2022, Stripe attempted to re-enter the cryptocurrency market by expanding its payment platform to support NFT purchases and other Web3-related services. In this upgrade, Stripe has implemented multiple security measures, including KYC procedures, to enhance fraud prevention. Last year, there were also reports that Stripe was collaborating with Twitter (now known as X) to develop payment features.
Today, Stripe officially announced that it will soon allow merchants to accept USD stablecoin (USDC) as a payment method, further expanding its payment platform’s functionality. USDC is currently the second-largest stablecoin in the cryptocurrency field and the sixth-largest cryptocurrency by market capitalization. John Egan, Stripe’s cryptocurrency director, stated:
Although Stripe processed up to $1 trillion in transactions last year and reached a valuation of $65 billion, its exploration path in the cryptocurrency field has been filled with twists and turns. Deepening involvement during market instability could pose risks to its core business and even impact its image as a robust 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 leading stablecoin USDT and opt for USDC, which seems to indirectly indicate its greater trust in the compliance of USDC rather than USDT.
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