Fintech company Stripe will begin supporting transactions in USD Coin (
USDC
+0.078%
) this summer, reviving its involvement in crypto-based commerce.
Stripe said Thursday that stablecoin payments will be integrated into the servicer’s checkout suite in several weeks. According to the company, crypto transactions will “immediately” settle to fiat.
“Crypto is back,” Stripe’s cofounder, John Collison, posted along with a demonstration video Thursday on X. “@Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat.“
“We’re excited about empowering Stripe users to accept stablecoin payments, helping them expand their global reach and give their customers access to easy, fast, and trustworthy transactions even if they don’t have a bank account or credit card,” the company said in a statement shared with The Block.
Stripe’s latest push to incorporate cryptocurrencies into its services suite comes several years after the company phased out bitcoin payments on its platform. The company sunsetted the experiment in 2018, reasoning at the time that bitcoin’s volatile price action made the token more suitable as “an asset [rather] than… a means of exchange.”
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
About Author
Elizabeth Napolitano is a data reporter covering business and technology news, with a focus on cryptocurrencies. Prior to joining The Block, Elizabeth reported on BigTech, AI, crypto and videogames for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs and U.S. courts. She holds an MA in Journalism from CUNY. Follow her on X: @LizKNapolitano