Stripe, a US-based fintech company, is set to introduce stablecoin payments as an option for checkout transactions, demonstrating its renewed support for cryptocurrencies. The debut of this functionality will allow customers to use USDC stablecoins, issued by Circle, with the flexibility to switch between wallets on the Solana, Ethereum, and Polygon networks initially.
John Collison, co-founder of Stripe, announced that transactions will settle instantly on-chain and automatically convert to fiat currency. This development is expected to be implemented during the summer months.
The announcement, made during the Stripe Sessions conference at the Moscone Centre in San Francisco, reflects the company’s gradual return to exploring digital currency technologies. Stripe initially experimented with this technology in 2014, announcing trials involving Bitcoin and automated clearing house (ACH) payments. However, the project was discontinued on April 23, 2018, due to concerns about value volatility and transaction delays.
Despite this setback, Stripe revisited digital currency initiatives four years later, introducing USDC payouts through its Connect platform. However, this service was not extended to its account-to-account payment functions.
In 2023, the company unveiled an embeddable fiat-to-crypto onramp, allowing Web3 companies to integrate a crypto-purchasing widget into their offerings.
The continued focus on Stripe’s digital currency agenda and stablecoin payment offerings, especially considering its processing volume of $1 trillion in payments last year, signifies a significant shift in a technology sector that has recently faced challenges. This includes SoFi’s decision to discontinue its cryptocurrency services in December and the closure of Oklahoma-based Vast Bank’s cryptocurrency mobile banking app in February.
Source: fintechfutures.com
