Stripe to bring back crypto with USDC stablecoin payments (06/2024)
Co-founder John Collison says crypto is ‘back’ a month after bitcoin reached a record high, as the fintech giant attempts to woo more customers across its services.
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At its annual user conference Sessions, co-founder John Collison revealed that the fintech will start supporting global crypto payments this summer, starting with USDC stablecoins – a relatively stable cryptocurrency – on the Ethereum, Solana and Polygon blockchains.
“Crypto is back,” he wrote on X, sharing a video of the demo from Sessions and sharing a link to the waitlist. “Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat.”
Stripe used to allow bitcoin payments on its platform until 2018, when it stopped the service owning to an increasingly volatile and unstable crypto market. The company briefly made a comeback in the space with a Twitter collaboration in 2022 to test crypto payouts, but this was soon rescinded.
Now, with bitcoin reaching a record high in value as investor interest resurges, Stripe wants to slowly, but carefully, dip its toes back in. This comes amid a general push to woo more new customers as the company announced it will split its payments service from other services to make the platform more modular. The move means that customers will be able to use some of Stripe’s services without needing to be clients of its main payments platform.
“Crypto is finding real utility,” Collison said in his keynote. “With transaction speeds increasing and costs coming down, we’re seeing crypto finally making sense as a means of exchange.”
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