Stripe Inc. is set to reintroduce cryptocurrency payments, enabling merchants on its platform to receive stablecoins as payment for online purchases. John Collison, the co-founder and president of Stripe, announced this development during the company’s annual conference, Stripe Sessions, in San Francisco on Thursday. He mentioned that users could expect this feature to roll out in the upcoming summer.
Collison highlighted the significant advances in crypto technology, including faster transaction speeds and reduced fees, which have enhanced its practical utility. He emphasized the increasing stability of stablecoins—cryptocurrencies tied to stable assets like the dollar—and showcased a transaction using Circle’s USDC token during his talk. This move comes as stablecoins gain broader acceptance, underscored by PayPal Holdings Inc.’s launch of its own stablecoin, PYUSD, last year.
Reflecting on Stripe’s history with cryptocurrencies, Collison recalled that about a decade ago, the company facilitated Bitcoin payments. However, this service was discontinued in 2018 due to low customer interest and a subpar user experience at the time.
Furthermore, Stripe has been exploring various crypto-related services. The company has tested payment methods allowing creators on Twitter to receive earnings in cryptocurrencies and, in 2022, launched a crypto on-ramp service that enables businesses to offer their customers methods for converting fiat money into cryptocurrencies. Clients such as Blockchain.com, digital wallet MetaMask, and NFT marketplace Magic Eden are part of Stripe’s growing crypto portfolio.
As Bloomberg News reported, additionally, a significant policy change was announced at the conference on Wednesday: companies using Stripe’s products are no longer required to process payments through Stripe. This new flexibility allows businesses to choose the services that best meet their needs without being tied to Stripe’s payment processing solutions.
Featured Image via YouTube (Stripe Channel)
