- Stripe has confirmed the integration of USDC for U.S. users
- The company pledged to integrate the stablecoin in April
- USDC support is currently for U.S. only
Payment processor Stripe has honored its pledge to reinstate crypto payments, according to Jeff Weinstein, its product lead. Weinstein published a post on X which announced that “crypto on Stripe is officially back,” six months after the company announced its intentions to reintegrate digital assets. Stripe pulled out of crypto payments in 2018 following four years of integration, although it tested crypto-related features in 2022, including USDC payouts.
Stripe’s Crypto Comeback
Stripe announced that it would begin supporting payments in USDC (USD Coin) for international businesses in April as part of a broader initiative to make cross-border transactions more accessible and efficient. By integrating USDC, a stablecoin pegged to the US dollar, Stripe aimed to provide companies with faster, more reliable payment options that bypass traditional banking systems.
This pledge has now come to fruition, with Weinstein stating on X that Stripe is “reintroducing crypto in a big way!” hinting at the company’s broader strategy to incorporate cryptocurrencies into its payment services:
okee, crypto on @stripe is officially back!
– accept stablecoins from 150+ countries
– buyers pay in usdc (via ethereum, solana, polygon)
– you, as a usa business, receive usd
– works with checkout, elements, or payment intents (and soon subscriptions)see a live demo:… https://t.co/zPyQyAMvJd
— Jeff Weinstein (@jeff_weinstein) October 9, 2024
Simplifying Crypto for Users
With Stripe’s vast infrastructure, users can now accept cryptocurrency payments effortlessly. By focusing on USDC, Stripe offers businesses the security of a stablecoin without the volatility typically associated with other digital currencies. This stability ensures that companies using Stripe can integrate crypto payments without worrying about rapid fluctuations in value.
Stripe previously supported Bitcoin payments but pulled back in 2018 due to volatility concerns. However, in 2022 the company published a blog post in which it acknowledged that its “optimism for the future of crypto was not unfounded” and that “crypto is going mainstream”, which it has backed up with its actions.
USDC payments will initially be available to U.S. users, with options for the rest of the world not yet revealed.
