Yesterday (10th), payment giant Stripe announced that it officially supports stablecoin USDC payment, allowing users from more than 150 countries to make payments through the Ethereum, Solana and Polygon blockchains.
Merchants now have the option to accept USD Coin (USDC), a stablecoin tied to the US dollar, across several blockchain networks, including Ethereum, Solana, and Polygon. This development signals a renewed focus on digital currencies by Stripe, one of the key players in the payments industry, and has generated positive reactions within the cryptocurrency community.
Jeremy Allaire, CEO of USDC issuer Circle, shared his excitement about the launch on X, noting the official rollout of USDC payments through Stripe’s products in the U.S. He emphasised the potential for this feature to transform how businesses handle digital currencies.
Overcoming Earlier Challenges
Stripe previously ventured into cryptocurrency payments in 2014 by supporting Bitcoin, but discontinued the service in 2018 due to concerns over Bitcoin's volatility and transaction inefficiencies.
The company’s pivot towards USDC reflects a more cautious approach, focusing on the coin’s price stability and faster transaction speeds. This shift aims to offer businesses and consumers a more practical and efficient digital payment method.
Related reading：Circle Partners with Sony to Launch USDC on Soneium Blockchain
Global Reach and Simplified Integration
The introduction of USDC payments allows businesses to accept crypto transactions from customers in over 150 countries. To make the process seamless, Stripe automatically converts USDC into US dollars, eliminating the need for merchants to manage cryptocurrency directly. This system simplifies integration and reduces the potential risks associated with handling digital assets.
Jeff Weinstein, Stripe’s product lead, humorously acknowledged the delay in launching the feature on X, referencing San Francisco’s "October summer." The service is integrated across various Stripe platforms, including Stripe Checkout, Elements, and the Payment Intents API.
The company also plans to support subscription-based payments using USDC in the future, expanding its utility for recurring billing services.
Competing with PayPal
This move mirrors PayPal’s expansion into cryptocurrency payments, which began in 2021. By reintroducing crypto payments, Stripe joins other major financial platforms in providing businesses with the ability to engage with digital currencies. The adoption of USDC could pave the way for a broader acceptance of cryptocurrencies in everyday commerce.
Related reading：Coinbase’s second-quarter revenue relies on USDC interest business to beat market expectations despite poor crypto market environment
Expanding Crypto Capabilities
Beyond USDC, Stripe is deepening its involvement in the crypto ecosystem. Earlier this year, the company partnered with Coinbase to integrate the crypto exchange’s Layer 2 network, Base, into its payout products.
This partnership allows users to purchase digital assets with credit cards or Apple Pay via Coinbase Wallet. Additionally, Stripe’s integration with the Avalanche blockchain has facilitated easier access to the Avalanche ecosystem. Ava Labs, the team behind Avalanche, announced that its Core wallet would use Stripe’s fiat-to-crypto onramp services.
Stripe's reintroduction of crypto payments, particularly through stablecoins like USDC, marks a significant step for the company and the wider cryptocurrency industry. With a focus on addressing past issues such as volatility and slow transactions, Stripe’s support for USDC could accelerate mainstream adoption of digital currencies in commerce.
Miyuki
Weiliang
Weatherly
Alex
Catherine
Anais