Stripe launches payments in stablecoins
October 11, 2024
On October 9, Stripe announced the launch of a new payment option — stablecoin payments, specifically USDC. On the first day, users from 70 countries took advantage of the new feature, demonstrating strong demand for alternative payment solutions.
Abandoning Bitcoin
Stripe was one of the first major payment providers to adopt Bitcoin as a payment method in 2014. However, in 2018, the company discontinued this option due to the inefficiency of transactions, particularly slow payment confirmations and high fees.
In response to market demands and new technologies, Stripe hired a blockchain team in 2021 to develop a new payment solution.
Return to cryptocurrencies
The launch of stablecoin payments via USDC is the result of years of planning. Stripe provides online businesses with the ability to accept payments with lower costs and faster processing, something that was not previously possible with Bitcoin. This innovation allows the company to reach a broader audience thanks to the stability of these assets.
The Future of digital assets
Stripe's product leader noted that the company aims to provide businesses with tools to reach more customers with lower costs, and digital assets have the potential to achieve this goal.
During the April announcement of the return of crypto payments, Stripe's co-founder and president emphasized that digital currencies are finally making sense as a medium of exchange.