Stripe, a major payments provider, sees high demand for its newly launched USDC stablecoin payment option, activated on October 9th. Users from 70 countries embraced this opportunity on the first day.

Increasing demand for crypto payments

Stripe reintroduced the ability to accept USD Coin (USDC) payments for its users after a considerable hiatus. This decision was made following careful planning and observation of the development of cryptocurrency technologies. This capability was launched in 70 countries, highlighting the global demand for alternative payment solutions. As Jeff Weinstein, product lead at Stripe mentioned, "We, as a principle, do things that Internet businesses want; and they want to reach more customers at lower cost. Stablecoins, while still early, show some sign that they can help achieve that."

Stripe and Coinbase collaboration

In June, Stripe partnered with the cryptocurrency exchange Coinbase to implement fiat-to-crypto bridges for customers on both platforms. This collaboration enabled integration of stablecoins across various blockchains, including Ethereum, Solana, and Polygon. Meanwhile, Coinbase incorporated Stripe's services for seamless transitions between fiat and cryptocurrency within its application.

Stripe technology platform and fees

Stripe supports stablecoin payments in USDC on Ethereum, Solana, and Polygon blockchains and Pax Dollar (USDP) on Ethereum and Solana. All stablecoin payments are converted to US dollars before being stored in Stripe wallets. The company charges 1.5% of the transaction amount in US dollars.

Stripe's reintroduction of cryptocurrency support underscores its commitment to adapting to changes in the payment industry and meeting the growing demand for crypto payments worldwide.