Stripe Inc. looks set to reintroduce cryptocurrency payments by allowing merchants on its platform to accept stable coins as payment for online purchases. John Collison, co-founder and president of Stripe Inc. announced the news at the annual Stripe Sessions conference in San Francisco on Thursday. Mr. Collison said users can expect the feature to launch this summer.
Mr. Collison said significant advances in #cryptocurrency technology, such as faster transaction speeds and lower fees, make them more practical. He emphasized the growing stability of stablecoins (cryptocurrencies tied to stable assets such as the dollar) and demonstrated a transaction using Circle's USDC tokens during his presentation. The move follows the growing acceptance of stable coins, as evidenced by PayPal Holdings Inc. launching its own stable coin, PYUSD, last year.
Reflecting on Stripe's history with #cryptocurrencies , Collison recalled that the company supported #bitcoin payments about 10 years ago. However, the service was discontinued in 2018 due to low customer interest and poor user experience at the time.
Stripe is also exploring different services related to cryptocurrencies. The company tested a payment method that allows authors on Twitter to earn income in cryptocurrency, and in 2022, it launched a crypto-on-ramp service that will allow businesses to offer customers a way to convert fiat money into cryptocurrency. Blockchain. com, #digital wallet Blockain. com, digital wallet MetaMask, and "NFT" marketplace Magic Eden are among the clients that are part of Stripe's crypto portfolio.
In addition, according to Bloomberg News, an important policy change was announced at Wednesday's conference. Businesses using Stripe products are no longer required to process payments through Stripe. This new flexibility allows businesses to choose the service that best fits their needs rather than being tied to Stripe's payment processing solutions.
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