According to Blockworks, fintech giant Stripe has reintroduced crypto payments in the US after a hiatus of nearly seven years. Customers can now pay merchants using USDC or USDP on Ethereum, Solana, and Polygon, while US-based merchants receive payments in dollars. Stripe charges a 1.5% transaction fee, which is lower than its typical 2.9% plus $0.30 fee for card payments. This move marks Stripe's renewed interest in crypto, having initially ventured into the space in 2014 but discontinued its first crypto experiment due to Bitcoin's limitations as a payment blockchain.
The new check-out process involves connecting a crypto wallet and signing a transaction with Stripe before making a payment with a stablecoin. Notably, transaction fees are abstracted from the user, minimizing the visibility of Solana's lower fees compared to Ethereum's. Stripe's reintroduction of crypto payments is seen as a significant step for crypto adoption, given the company's widespread use in online transactions. In the first 24 hours of its crypto reintegration, customers from over 70 countries used stablecoins to make payments on Stripe.
Despite this progress, credit cards are expected to remain the dominant payment method for US internet transactions. Crypto payment solutions like Stripe's face challenges, including limited use of crypto wallets and the absence of a central repository for crypto-friendly merchants. Additionally, structural issues may hinder the widespread adoption of Stripe's crypto payment solution. Nico Pei from Sky Lab described Stripe's payment solution as
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