For almost its entire history, cryptocurrencies have sought to fit into the sustainable product market.
From payments to speculative investing to supply chain management, the blockchain landscape’s past has been littered with experiments, but with little long-term impact.
Now, cryptocurrencies are once again trying their hand at payments. Only today, the results seem to be promising.
reason? With the growing utility of stablecoins that remove the volatility of traditional cryptocurrencies and continued advances in the usability of digital assets, merchant acceptance is no longer a complex technological advancement.
These two trends, ease of usability through the simplification of complex technical processes and the launch of networks that will facilitate the expanded use of stablecoin digital assets as payment mechanisms, are the key to the Web3 News and Industry Advances headlines tracked this week by PYMNTS. is decorated.
Building an ecosystem network to expand cryptocurrency payments
One of the hurdles to Web3 adoption is the complexity of blockchain and decentralized technology. For consumers and businesses, navigating cryptocurrency wallets, decentralized finance (DeFi) platforms, and other blockchain applications can be difficult. However, moves to simplify these processes are leading to improved usability and making Web3 more accessible to a wider range of users.
Stellar Development Foundation announced on Tuesday (October 15) that it will integrate Mastercard’s Crypto Credential solution into its blockchain network. This credential, which helps verify interactions between consumers and businesses using blockchain networks, “enables a wide range of secure and compliant use cases for cryptocurrency wallet providers such as Coins.ph, Mercado, etc.” ” will be added to the Stellar ecosystem as a dedicated authentication solution. Bitcoin and Wirex.
Elsewhere, payments protocol Aeon plans to integrate the Tron network as its underlying cryptocurrency payments infrastructure. Aeon said on Monday (October 14) that the partnership “opens up new opportunities for seamless crypto payments across the TRON ecosystem.”
PYMNTS examined some of the challenges of cryptocurrencies as a payment method earlier this year, noting that despite the proliferation of crypto assets, adoption remains limited.
But hope springs eternal. Stripe confirmed that in the first 24 hours after allowing merchants to accept stablecoin payments for online transactions on its platform, customers in more than 70 countries made purchases with that form of payment. It is reported that. Starting Wednesday (October 9), Stripe will allow merchants in the U.S. to accept Circle-issued USDC through their online checkout pages. Stripe announced in April that it would reinstate cryptocurrency payments after suspending them in 2018.
Also read: Cross-border payment costs could be reduced by blockchain, if it were only a matter of scale
Stablecoins secure a central role in the future of cryptocurrencies
As the Web3 infrastructure evolves, the role of stablecoins in digital payments is expanding. Stablecoins, which are pegged to traditional currencies such as the US dollar, have emerged as a bridge between fiat currencies and digital assets, offering an attractive level of stability to businesses and consumers. The developments highlight how the establishment of stablecoin payment networks is facilitating their use and adoption in a variety of sectors.
For example, Ripple announced exchange partners and customers for Ripple USD (RLUSD), a USD-denominated stablecoin. The stablecoin will be available globally to institutions and users on exchanges and platforms including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish, Ripple announced on Tuesday.
In other related news, PYMNTS explored the use of blockchain and stablecoins in cross-border payments last month in an interview with Sheraz Sher, general manager of payments and commerce at Solana Foundation.
“Blockchain solutions and stablecoins, I don’t like to use the word crypto because this is more about fintech and we see a product market fit in cross-border payments. Yes,” Shea said.
He added that one of the most notable benefits of blockchain technology is the elimination of intermediaries, meaning there is no need to go through multiple correspondent banks, which often slows transactions and increases costs.
Still, realizing the sector’s future will require overcoming some of the more illicit trends that defined cryptocurrencies’ past. PYMNTS highlighted Monday how crypto fraud remains a booming industry for scammers who exploit the hype, anonymity, and global reach of digital currencies.
The FBI’s latest sting, in which more than a dozen criminals were arrested, reveals how law enforcement is up against scammers as they expand and industrialize their operations. To catch the 18 criminals indicted on October 9, the FBI created its own crypto asset called NexfundAI and tracked its use to prove fraud and manipulation. Rather than flipping a coin for a profit, criminals found themselves on the other end of a sealed indictment.
See more: Aeon, Bitcoin, blockchain, cross-border payments, crypto credentials, cryptocurrencies, scams, Mastercard, news, partnerships, PYMNTS News, Ripple, scams, stablecoins, Stellar Development Foundation, Stripe , Tron, Web3
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