After co-founder John Collison disclosed their plan to enable merchants to receive funds in the form of the USD Coin (USDC) stablecoin, the payments giant Stripe has announced that it will be returning to the cryptocurrency arena
Collison claims that the "transactions instantly settle on-chain and automatically convert to fiat" would start as soon as this summer. This is according to the current state of affairs.
Businesses that make use of Stripe's technology will have the opportunity to accept payments made in USDC, which is the second-largest stablecoin in the cryptocurrency market and the sixth-largest cryptocurrency in terms of market value.
As a result of its adoption of USDC, Stripe intends to empower its users by facilitating worldwide transactions and offering customers with payment choices that are simple, quick, and safe. This is true regardless of whether or not the customers have access to traditional banking services or credit cards.
The head of cryptocurrency at Stripe, John Egan, has voiced his excitement about the integration of stablecoin payments. He has highlighted the opportunity for merchants to expand their reach and provide their consumers with a payment experience that is seamless
It is planned that Stripe will initially support USDC transactions on the Ethereum, Solana, and Polygon networks. Additional network compatibility will be disclosed closer to the launch date of the platform.
After making its initial journey into the cryptocurrency field in 2014, when it became one of the early large corporations to accept Bitcoin payments, Stripe has now made its return to the cryptocurrency landscape with this move.
However, in 2018, the company decided to stop offering cryptocurrency services because of the increasing costs associated with the Bitcoin network. Although this setback occurred, Stripe continued to have a positive outlook toward cryptocurrency in general.