Stripe returns to cryptocurrency payments! Initial support for Ethereum, Solana, Polygon network USDC

Global online payment giant Stripe is returning to cryptocurrency payments! Back in 2014, Stripe became one of the first businesses to accept Bitcoin payments. However, in 2018, the plan ended in failure due to reasons such as rising block costs and excessive volatility.

Now, after a long absence of 6 years, Stripe announced that it will re-allow customers to accept cryptocurrency payments. Initially, it will only support one currency, the USDC stable currency.

Stable currency payment expands global influence

In fact, in March 2022, Stripe once again tried to return to the cryptocurrency market and expanded the functions of its payment platform to support NFT purchases and Other Web3 related services. In this upgrade, Stripe has added a number of security policies, including KYC procedures, to enhance the prevention of fraud. Last year, there was also news in the market that Stripe was working with Twitter (now X) to develop payment functions.

Today (26th), Stripe officially announced that it will soon allow merchants to receive U.S. dollar stable currency (USDC) as a means of payment, further expanding the functions of its payment platform. USDC is currently the second largest stablecoin in the cryptocurrency space and the sixth largest cryptocurrency by market capitalization. John Egan, Head of Cryptocurrency at Stripe, said: “Being able to allow Stripe users to accept stablecoin payments is a big step for us and will help them expand their global influence. The move will allow customers without bank accounts or credit cards to make fast, simple and reliable transactions.

Choose Ethereum, Solana, and Polygon as partners

Although Stripe processed a transaction volume of up to 1 trillion U.S. dollars last year and the company value reached 65 billion U.S. dollars, in fact, it is encrypted The path of exploration in the field of currency is full of twists and turns. If it gets deeply involved when the market is unstable, it may pose risks to its main business and even affect its image as a stable financial giant.

According to a Stripe spokesperson, Stripe will initially support USDC transactions on the Ethereum, Solana and Polygon networks. The spokesperson added: A more detailed list will eventually be announced to support USDC transactions on more blockchain networks. The detailed list will be announced before the official release of the product.

Why is USDT not supported?

However, what is interesting is that Stripe abandoned the leading stable currency USDT and chose USDC, which seems to be a side statement that it believes in the compliance of USDC rather than USDT.

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