coinculture.com
This new integration includes support for USD Coin (USDC) on Base as part of Stripe’s crypto payouts, enabling faster cross-border remittances and settlements across 150 countries.
USDC will also be part of Stripe’s fiat-to-crypto on-ramp, making it easier for customers to convert fiat to digital assets.
Additionally, Coinbase is integrating Stripe’s fiat-to-crypto on-ramp, allowing Stripe users to purchase crypto with credit cards and Apple Pay.
Stripe Follows Through on Earlier Plans
Earlier this year, Stripe co-founder and president John Collison promised that stablecoins would return to Stripe during the company’s Sessions conference.
Crypto is back. @Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat. Join the waitlist https://t.co/hws2OsU3Id and watch the demo (h/t @Solana) from Sessions. pic.twitter.com/zGKYW2FM6i
— John Collison (@collision) April 25, 2024
Stripe was an early adopter of Bitcoin services in 2014 but later discontinued support, citing Bitcoin’s inefficiency as a payment method at the time.
Around the time of Collison’s announcement, Stripe also introduced support for the Avalanche C-Chain for verified customers, enabling them to purchase AVAX tokens through the fiat-to-crypto on-ramp.
Coinbase Takes Action Amid Regulatory Challenges
The U.S. regulatory environment has hindered crypto innovation, with centralised exchanges, digital asset providers, and stablecoins facing increased scrutiny. Stripe, once part of Facebook’s Libra project, exited due to government pressure.
On June 27, Coinbase filed lawsuits against the Securities and Exchange Commission (SEC) and the Federal Trust and Deposit Corporation (FDIC), claiming the agencies failed to provide necessary materials under the Freedom of Information Act (FOIA).
The lawsuit focuses on the SEC’s decision to exclude Ether from the list of cryptocurrencies deemed unregistered securities, like Ripple’s XRP, and the deliberation process behind this determination.
Coinbase also launched the “Stand with Crypto” political action committee (PAC) in the U.S. to advocate for the industry. In June, the PAC announced it had gained 1 million signatures from crypto supporters.