“We, as a foundation, do whatever the demand of the Internet says, and we wish to deliver services to the consumers at lower costs”- Co-founder, Stripe.
Stripe has also partnered with Coinbase this year in order to take fiat-to-crypto on-ramps and off-ramps to the users on either platform.
The overall transaction fee charged by the company is 1.5% of the amount initiated for transaction in US dollars.
Over 70 countries have backed the newly introduced stablecoin by Stripe, an American multinational financial services provider. The outstanding mark has been set up on the first day of the launch itself. The event shows that there is a high demand for the alternative payment solutions in the world of crypto.
Before this, in 2014 Stripe has so far adopted Bitcoin but discontinued its adoption in 2018. The decision was taken as the confirmation time was comparatively slow and fees were high as well.
A USD Coin stablecoin was launched by Stripe on October 9 as a payment option. After scraping the Bitcoin payments, Stripe set up a team in their office to work over web UIs, mobile UIs, payment as well as identity methods. Bloomberg, a media conglomerate, said in its report that after the launch of USDC payments by Stripe, users from over 70 countries used the method to initiate their payments.
The product lead of Stripe, Jeff Weinstein mentioned that, “We, as a foundation, do whatever the demand of the Internet says, and we wish to deliver services to the consumers at lower costs as compared to the overall market. And, we think that stablecoin can be a great option for that.”
The launch was informed so far
In April the co-founder of Stripe, John Collision posted on X where he informed that, “Crypto is back. And, Stripe is ready to support global stablecoin payments soon”. He further suggested joining the waitlist and watching the demo till then.
USDC launched by Stripe is mainly backed by Ethereum, Solana, Polygon blockchains as well as Pax Dollar on Ethereum and Solana. The platform firstly changes stablecoin payments to the United States dollar and then sent to Stripe wallets. The overall transaction fee charged by the company is 1.5% of the amount initiated for transaction in US dollars.
Stripe has also partnered with Coinbase this year in order to take fiat-to-crypto on-ramps and off-ramps to the users on either platform. In this partnership, Stripe backed its base over its crypto product suite and at the same time, Coinbase took fiat-to-crypto on-ramp service of Stripe into Coinbase wallet.
A deep dive into USDC
Source: The CoinMarketCap
If we take the data from the CoinMarketCap, the Market capitalization of USDC is $34.80 billion with a volume (24h) of $5.27 billion. The total supply of USDC stands at 34.80 billion and the overall circulating supply is also the same as the total supply. At the press time, USDC is trading at the price of $1.
