Stripe to Resume Crypto Payments, Starting with USDC Stablecoin on Numerous Blockchains

Fintech giant Stripe has announced its decision 
to once again allow
 customers to accept cryptocurrency payments after a six-year break.,The company is starting with USDC stablecoins on the Solana, Ethereum, and Polygon blockchains, according to a 
report from TechCrunch
. ,The
 news of 
Stripe’s
 reentry into crypto payments was unveiled by the 
company’s
 co-founder and president, John Collison
, at the Connect developer conference held in San Francisco
.
 ,Collison emphasized the improved stability and user experience that stablecoins offer.,


The latest announcement is part of 
Stripe’s
 broader strategy to expand its services and open 
up
 its platform to integrate with competing payment providers. ,The move aims to break down the 
company’s
 walled garden approach and provide customers 
with
 more flexibility and options.,Stripe’s
 history with cryptocurrency has been a delicate dance, balancing its disruptive fintech roots with the need for stability. ,The company has always sought to be at the forefront of discussions surrounding blockchain-based technologies and their impact on financial services. ,However, it has also been cautious not to compromise its position as a reliable and responsible financial powerhouse. ,Stripe processed a staggering $1 trillion in transactions last year and continues to grow, with a current valuation of $65 billion.,In 2014, Stripe dipped its toes into 
the world of
 cryptocurrency with tests involving Bitcoin, the pioneering digital currency. ,However, in 2018, the company 
decided to halt
 its support for Bitcoin due to its volatility and lack of suitability as a means of exchange. ,Stripe acknowledged that Bitcoin had become more of an asset than a practical form of payment.,Stripe’s
 relationship with cryptocurrency took another turn in June 2019 when it became a founding member of the Libra project spearheaded by Facebook. ,However, within a few months, Stripe
, along with
 other prominent companies
, 
withdrew its support for Libra, citing a continued interest in projects that promote accessible online commerce worldwide but expressing openness to collaborating with the Libra Association in the future.,After a three-year hiatus, Stripe cautiously embraced cryptocurrencies again, 
this time by
 enabling 
stablecoin payouts for Twitter users
. ,The success of this endeavor appears to have encouraged the company to explore further crypto integration possibilities.,


Aside from Stripe, other payment companies have also adopted stablecoins as a means of payment.,Last week, Singapore-based payments company 
Triple-A announced plans
 to integrate 
PayPal’s
 stablecoin into its 
list of
 supported tokens for customer payments.
 ,As 
the
 first licensed crypto payments firm 
in Singapore
, Triple-A aims to introduce support for 
PayPal’s
 stablecoin, PYUSD, by the end of June.,Currently, the company offers payment services primarily in Bitcoin, Ether, and stablecoins issued by Tether and Circle.,Tether’s
 USDT remains the dominant stablecoin in the crypto market, with approximately $110 billion in circulation. ,In comparison, PYUSD, which
 launched in August 2023, has a circulating supply of just over $200 million., ,Stripe Aims to Expand Services