On 9 October 2024, Stripe announced a new feature, Pay with Crypto, which allows U.S.-based businesses to accept stablecoin payments that automatically settle as fiat in their Stripe balance. This service, currently in a limited public preview, is designed to simplify the process of accepting cryptocurrency by removing the complexities of holding or converting it to fiat currency.

Businesses can now accept USDC (USD Coin) payments on the Ethereum, Solana, and Polygon networks, as well as USDP (Pax Dollar) on Ethereum and Solana. The payments settle as USD in the business’s Stripe balance, allowing for a seamless integration of crypto without direct exposure to market volatility.

Pay with Crypto works with Stripe’s existing tools such as Checkout, Elements, and the Payment Intents API. Customers opting to pay with crypto are redirected to a page hosted by crypto.link.com, where they can connect their digital wallets and confirm payments. Stripe’s platform then confirms the transaction and reflects the settled amount in the business’s Stripe balance in USD, just as it would with any other Stripe transaction.

While customers worldwide (excluding sanctioned countries) can use cryptocurrency as a payment method, Pay with Crypto is currently available only to a select set of U.S.-based businesses. Businesses that don’t see the Crypto option in their payment method settings need to request access and undergo Stripe’s approval process.

Once approved, businesses can integrate Pay with Crypto into their checkout forms, allowing customers to pay with stablecoins. Returning customers benefit from a faster checkout process using Link, which enables one-click payments.

Stripe charges 1.5% of the transaction amount (in USD) for crypto payments, a rate lower than many standard credit card fees. Transactions are capped at $10,000 per transaction and $100,000 per month per customer.

Here are a few important considerations for businesses:

  • Refunds: For crypto transactions, refunds are issued back to the customer’s original wallet in stablecoins.
  • Subscriptions: Stripe does not yet offer native support for crypto-based subscription services.
  • Settlement: All transactions settle in USD to the business’s Stripe balance, and Stripe currently only supports USD settlements.

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