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Stripe is re-embracing cryptocurrency payments after a six-year hiatus. The company announced its plan to allow merchants to accept payments in USDC stablecoins, initially supporting blockchains such as Solana, Ethereum, and Polygon.
This strategic move marks Stripe’s significant return to crypto transactions since abandoning Bitcoin in 2018 due to its volatility.
Stripe Back in Crypto Payments
In 2022, Stripe stepped back into the crypto market, facilitating payouts in USDC but stopped short of allowing crypto payments. The recent expansion, unveiled by co-founder John Collison, signals a more robust integration of cryptocurrency into its payment systems.
Collison humorously noted improvements in transaction efficiency and cost, comparing them favorably to the length and budget of Christopher Nolan films.
“Stripe is bringing back crypto payments—this time with stablecoins, which are a way better experience,” Collison said.
The announcement also highlighted Stripe’s broader strategy to diversify its offerings. The most noteworthy development is allowing customers to integrate competing payment providers within Stripe’s suite of financial services.
This move is part of a larger effort to open up its platform, historically known for its selective integration capabilities.
Read more: How To Buy Bitcoin With Stripe: A Step-by-Step Guide
Stripe’s approach to crypto reflects its careful balancing act between innovation and maintaining its role as a reliable player in the financial sector. Last year, the company processed transactions totaling $1 trillion and is valued at $65 billion.