Stripe, the global payment processing giant, has announced that users from over 70 countries used stablecoins for online transactions in the first 24 hours.
This development comes after the company began allowing merchants on its platform to accept crypto payments again, starting with US-based merchants.
According to an X post from Stripe employee Jen, the new feature gained rapid engagement in a short period after launch.
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She wrote,
“In the first 24 hours, customers from 70+ countries have paid with stablecoins through Stripe. Today, we just expanded access, so if you’re a US merchant on Stripe, check your Stripe dashboard and turn on ‘Pay with Crypto!”
Recall that Stripe initially became a leader in the crypto space when it introduced Bitcoin payment support in 2014. However, it discontinued the feature in 2018, citing declining demand, long transaction times, higher fees, and price volatility.
The fintech new stablecoin option will enable merchants accept payments globally, with customers able to pay using USDC or USDP on Ethereum, Solana, and Polygon, while US merchants receive payments in dollars. Users can connect browser-extension wallets like Metamask or Coinbase Wallet to make payments and Stripe offers merchants the convenience of issuing refunds directly to customers’ wallets.
As part of the crypto payment solution, Stripe charges a 1.5% fee per transaction (in USD), lower than the 2.9% plus $0.30 typically charged for card payments. Head of Product Jay Shah, highlighted that Stripe now supports over 100 payment methods and plans to further expand its offerings.
Stripe’s move to reintroduce crypto, starting with stablecoins, aligns with the company’s goal to help businesses reach more customers at a lower cost. With the reintroduction of crypto payments, Stripe merchants can now accept USD payments across multiple blockchains without the complexity of holding or converting crypto to fiat.
This development highlights Stripe’s commitment to staying at the forefront of innovation in the payment industry. The company’s efforts come as demand for alternative payment methods continues to rise, particularly in emerging markets where access to traditional banking services remains limited.
Notably, the relaunch is expected to have far-reaching implications, potentially paving the way for wider acceptance of cryptocurrency payments across various industries and regions. As more businesses and consumers adopt stablecoin payments, Stripe is positioning itself as a leader in the evolving digital economy.
Also, in the company’s efforts to enhance fraud detection on its platform, it recently partnered with Nvidia that will advance AI for Stripe and improve fraud detection for its followers.