(Bloomberg) – Stripe Inc. says individuals in more than 70 countries used stablecoins for online transactions in the first 24 hours after allowing merchants on its platform to accept crypto payments again. did.
Effective October 9, Stripe merchants in the United States are authorized to receive USDC, a stablecoin issued by Circle, through their online checkout page. The payments company was among the first to enable Bitcoin payments in 2014, but disabled the feature four years later, citing slow processing times as leading to transaction failures.
Later, as interest in digital currencies grew, traditional payment companies such as Visa Inc. entered the stablecoin market. Visa announced last week that it would launch a platform to help banks issue their own fiat-backed tokens, including stablecoins. Other financial technology companies, including Robinhood and Revolt, are also considering launching stablecoins.
Jay Shah, Stripe’s head of product, said Wednesday during a presentation in New York that the stablecoin option allows Stripe to offer merchants a way to accept payments from all over the world, while also allowing local said it could add support for payment methods. Stripe supports more than 100 payment options and continues to expand its suite, he said.
“As a general rule, we do what Internet businesses want, and they want to reach more customers at a lower cost,” product leader Jeff Weinstein wrote in an X post. I am. “Stablecoins, although still in their infancy, are showing signs of helping us achieve that.”
When the relaunch was announced in April, Stripe co-founder John Collison said that technological improvements in cryptocurrencies drove the decision.
See more articles like this at bloomberg.com
