Stripe reintroduces crypto payments via USDC stablecoin
At the company’s Global Internet Economy conference on Thursday, Stripe revealed its decision to reintroduce support for crypto payments.
During the final keynote session, titled The Future of Payments, Stripe’s president, John Collison, highlighted the company’s previous involvement with cryptocurrency, noting that their experience with crypto dates back a long time. Collison referenced the company’s earlier venture into Bitcoin (BTC) support in 2018, which was discontinued due to underutilization.
Collison expressed enthusiasm about the reintroduction, stating that Stripe is excited to bring back crypto to accept payments but only wanted Circle’s USDC stablecoin and a much better experience.
The decision to reintegrate crypto payments stems from its increasing utility, as emphasized in Collison’s presentation. Collison pointed out the improvements in transaction speeds and decreasing costs that make crypto a more viable medium of exchange.
This feature’s rollout is anticipated later this summer, marking Stripe’s reentry into the crypto sphere after a period of relative quiet. Collison had previously indicated the company’s interest in crypto’s potential despite some earlier products facing low demand.
Last May, Stripe introduced a fiat-to-crypto onramp, providing options for both customizable embeddable onramps for web3 companies and a Stripe-hosted option for user convenience.
Stripe’s reintroduction of crypto payments reflects a strategic decision to adapt to the evolving landscape of digital payments. It acknowledges the growing value of crypto in global transactions while striving to enhance user experience and accessibility.
