Stripe, a well-known fintech company, is returning to the crypto space after announcing in April its plans to support stablecoins. The new service will allow U.S. businesses to accept crypto payments in the stablecoin USDC.
Expanding Crypto Payments to 150 Countries
Stripe plans to accept #Cryptocurrencies from more than 150 countries, with U.S. businesses being the first customers. Crypto payments will be processed via blockchain networks like Ethereum, Polygon, and Solana, broadening the options for accepting and processing #USDC . Interestingly, Stripe did not mention the Base blockchain, which is one of the most widely used for USDC payments. The USDC #stablecoin is generally considered one of the most transparent, backed by fiat currency and low-risk government securities.
A Return After Six Years
#Stripe was one of the first fintech companies to adopt cryptocurrencies but discontinued its service in 2018. During this time, Stripe missed several bull markets but also avoided the most volatile phases, like the crashes in 2022. After six years of absence in the crypto world, Stripe returns in 2024 with a new crypto payment feature.
Crypto Payments as a New Opportunity
Since 2022, Stripe has been exploring crypto options, including fiat-to-crypto conversion and collaborations with Web3 projects. The company is now expanding this feature by allowing payments in USDC for U.S. businesses and accepting USDC payments worldwide. However, the new service will not include crypto trading or investment options.
Easy Crypto Payment Integration for Merchants
Once this feature is fully rolled out, merchants will be able to easily add a crypto payment button to their websites as an alternative to traditional payment methods. This will facilitate integration into Web3 projects and reduce the risk of fraud.
Stripe and Its Growth in Crypto Payments
The new crypto payment option is already available and actively used in over 75 countries, offering U.S. companies more ways to invoice international clients. Stripe focuses on providing payment services for a wide range of usersâfrom small businesses to large corporations.
Global Expansion and Fintech Industry Growth
Stripe stands out for its easy integration into business platforms and e-commerce systems. The company has seen rapid growth globally, increasing its market share in Japan by 50% in 2023 and continuing to expand its operations. By 2024, Stripe is used by nearly 3 million websites, with some businesses generating over $1 billion in revenue through the platform.
Stripe's Position in the Crypto Space
Stripe has managed to surpass $1 trillion in processed payments, growing faster than competitors like PayPal. The company was founded the same year as Bitcoin, showing its long-standing presence in the payments and crypto assets space.
The stablecoin USDC is currently held in more than 2.35 million wallets and is considered a stable currency accepted in many fintech jurisdictions. There are over 34.77 billion USDC in circulation, with the majority on the Ethereum network.
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