Stripe, a popular online payment processing platform, has announced that it will now support on-chain USDC payments. This move signals a return of crypto integration for the company, which had previously stopped supporting Bitcoin payments in 2018.
USDC, or USD Coin, is a stablecoin that is pegged to the US dollar on a 1:1 basis. This means that each USDC token is backed by one US dollar held in reserve. This stability makes USDC an attractive option for businesses looking to accept cryptocurrency payments without the volatility typically associated with other cryptocurrencies like Bitcoin or Ethereum.
By supporting on-chain USDC payments, Stripe is making it easier for businesses to accept cryptocurrency payments from their customers. This move could potentially open up new revenue streams for businesses, as well as provide customers with more payment options.
Stripe’s decision to support on-chain USDC payments comes at a time when interest in cryptocurrency is surging. With the recent rise of NFTs (non-fungible tokens) and the increasing acceptance of cryptocurrency by mainstream financial institutions, more and more businesses are looking to integrate crypto payments into their platforms.
In addition to supporting USDC payments, Stripe has also announced that it will be exploring other ways to support cryptocurrencies in the future. This could include adding support for other stablecoins, as well as potentially re-introducing support for Bitcoin payments.
Overall, Stripe’s decision to support on-chain USDC payments is a positive development for the cryptocurrency industry. By making it easier for businesses to accept cryptocurrency payments, Stripe is helping to drive mainstream adoption of digital assets. This move could also encourage other payment processing platforms to follow suit, further accelerating the integration of crypto into the traditional financial system.