Stripe brings back crypto payments with Circle stablecoin USDC

Co-founder and President John Collison announces that Stripe is reintroducing crypto payments in an effort to improve and expand their services.

Stripe’s crypto-reis

Stripe has a long history in the crypto space. It first ventured into the world of cryptocurrencies in 2014 and embraced Bitcoin payments. However, in 2018, the company halted all crypto-related efforts, due to Bitcoin’s volatility and slow transaction speeds.

Six years after ending support for Bitcoin and other cryptocurrencies, Stripe is ready to reenter the crypto space. The company plans to reintroduce crypto payments later this summer, starting with support for Circle’s USDC stablecoin.

Monitoring crypto developments

Despite this setback, Stripe continued to monitor developments in the crypto industry. In 2022, it introduced a project to facilitate fiat-to-crypto payments, signaling a possible return to the crypto market.

Now, with the revival of interest in cryptocurrencies and the maturation of stablecoins like USDC, Stripe sees an opportunity to reintegrate crypto payments into its platform. Collison highlighted the growing usefulness of crypto as a medium of exchange, citing improvements in transaction speeds and lower fees.

Blockchain support

Initially, Stripe’s crypto payments will be the Solana-, Ethereum– and support Polygon blockchains. This strategic move underlines the company’s commitment to diversifying its offering and adapting to evolving market trends.

Stripe’s decision to embrace crypto payments once again reflects its careful navigation of the crypto landscape. With its significant presence in the global payments industry, Stripe’s re-entry into crypto payments is poised to have a significant impact on the adoption and acceptance of cryptocurrencies in mainstream commerce.