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Payments Giant Stripe Now Supports Crypto Payouts for Freelancers in USDC

source-logo  u.today 22 September 2022 20:03, UTC

Payments giant Stripe has enabled payouts in Circle’s USD Coin (USDC) stablecoin for freelancers, according to an announcement posted on Sept. 22.

Circle co-founder Jeremy Allaire claims that the USDC coin represents a more inclusive means of sending money to people around the globe.

Freelances who live in countries with large unbanked populations will likely struggle to get paid for their work.

Hence, Striple’s recent addition of the USDC token could be a potential game-changer for such people since they are no longer restricted to traditional payment options.

Stripe estimates that roughly 4.4 billion people are now potentially able to receive payments in the USDC token.

“Such an important use case enabled by USDC!” Nikhil Chandhok, chief product officer at Circle, commented.        

The Palo Alto, California-based company enabled cryptocurrency payments for in the USDC stablecoin back in April. Initially, the new service was available only for a select group of Twitter creators.

Early Bitcoin developer Jeff Garzik claims that stablecoins represent a “consumer-useful crypto killer app” in response to the Stripe news.     

As reported by U.Today, Stripe allow various cryptocurrency businesses, such as exchanges and wallet providers, to use its payments infrastructure.

Stripe enabled support for Bitcoin all the way back in 2015, becoming the first major payment company to do so. However, it then soured on the largest cryptocurrency and removed the option in 2018. After the 2021 bull run, Stripe decided to take another look at crypto now that it has gained more adoption.