Stripe to Resume Crypto Payments, Starting with USDC Stablecoin on Numerous Blockchains

Fintech giant Stripe has announced its decision to once again allow customers to accept cryptocurrency payments after a six-year break.

The company is starting with USDC stablecoins on the Solana, Ethereum, and Polygon blockchains, according to a report from TechCrunch. 

The news of Stripe’s reentry into crypto payments was unveiled by the company’s co-founder and president, John Collison, at the Connect developer conference held in San Francisco. 

Collison emphasized the improved stability and user experience that stablecoins offer.

Stripe’s history with cryptocurrency has been a delicate dance, balancing its disruptive fintech roots with the need for stability. 

The company has always sought to be at the forefront of discussions surrounding blockchain-based technologies and their impact on financial services. 

However, it has also been cautious not to compromise its position as a reliable and responsible financial powerhouse. 

Stripe processed a staggering $1 trillion in transactions last year and continues to grow, with a current valuation of $65 billion.

In 2014, Stripe dipped its toes into the world of cryptocurrency with tests involving Bitcoin, the pioneering digital currency. 

However, in 2018, the company decided to halt its support for Bitcoin due to its volatility and lack of suitability as a means of exchange. 

Stripe acknowledged that Bitcoin had become more of an asset than a practical form of payment.

Stripe’s relationship with cryptocurrency took another turn in June 2019 when it became a founding member of the Libra project spearheaded by Facebook. 

However, within a few months, Stripe, along with other prominent companies, withdrew its support for Libra, citing a continued interest in projects that promote accessible online commerce worldwide but expressing openness to collaborating with the Libra Association in the future.#write2earn🌐💹