PANews reported on October 16 that according to The Block, Paxos, a blockchain and tokenization infrastructure platform, launched a stablecoin payment platform today. Stripe's "Pay with Crypto" product was the first to adopt the platform, making it easier for merchants to accept stablecoin payments. John Egan, head of Stripe's cryptocurrency department, said: "We are always looking for ways to make it easier and cheaper for merchants to accept payments from customers around the world. By working with Paxos, we are very happy to provide stablecoin payment capabilities to our users through the 'John Egan' product."
Paxos said its new stablecoin payment platform enables service providers to leverage a full solution stack for customer registration, account entry, conversion, and account withdrawal. The company claims that this provides businesses with more opportunities to expand their international presence and reduce costs by accepting a faster and more cost-effective alternative to credit cards and payment wallets. Paxos noted in a press release that the company supports instant conversion between the U.S. dollar and PayPal's PYUSD, Circle's USDC, and Paxos' own USDP for receiving payments, account withdrawals, and refunds. Users can choose to convert stablecoin payments to fiat currency immediately or pay stablecoin balances directly to merchants. Similarly, merchants can refund by instantly converting fiat currency to the stablecoin originally used and sending it to the wallet that initiated the payment.
