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Stripe returns to cryptocurrency payments via USDC stablecoin

Apr 26, 2024
Business
Six years after discontinuing support for BTC, Stripe is returning to cryptocurrency payments using the USDC stablecoin. This was announced by Stripe co-founder and president, John Collison, at the Global Internet conference focusing on the economy.
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The company has a long history with cryptocurrency. Stripe first utilized the BTC ecosystem in 2014. However, four years later, in 2018, due to market volatility, the decision was made to cease cryptocurrency payments.

During this time, the first crypto-winter began, and the token price dropped from $19K to $3,4K. The following year, the fintech giant joined the Facebook Libra project, which ultimately did not gain traction. In 2022, Stripe introduced a project to simplify fiat-to-cryptocurrency conversions.

During his presentation at the conference, Collison noted that cryptocurrency is finally making sense as a medium of exchange. In light of this, the decision was made to reintroduce payments via Solana (SOL), Ethereum (ETH), and Polygon (MATIC).

According to Bloomberg, Stripe is currently valued at $65B and is one of the largest payment providers in the world, with transaction volumes exceeding $1T.

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