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Stripe, the first major payment company to accept Bitcoin in 2014, reintroduced cryptocurrency payments via USD Coin (USDC) on October 9 after suspending Bitcoin due to high fees and slow transactions. With users from 70 different countries adopting it on the first day, it shows promising growth in the online payment market. Stripe operates USDC on the Ethereum, Solana and Polygon blockchains, not only charging 1.5% of the transaction amount but also converting stablecoin payments into US dollars before depositing in Stripe wallets. In concert with its partnership with Coinbase, Stripe also added support for the Base network.

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Stripe, a big name in online payments, saw its new stablecoin payment option take off in a huge way. People from 70 different countries starting using it the very first day it was launched. This proves that there’s a big market for new ways to pay online.

Stripe was the first big payment company to accept Bitcoin back in 2014. But by 2018, they stopped using it because the fees were too high and transactions took too long. Fast forward to October 9, Stripe started accepting payments using the USD Coin cryptocurrency (USDC) after years of planning. Three years after dumping Bitcoin, Stripe put together a team to deal with blockchain tech, the magic behind Bitcoin and other cryptocurrencies.

People are definitely into crypto payments. When Stripe introduced the option to pay with USDC, folks from over 70 countries made stablecoin payments on day one. Jeff Weinstein, the guy who leads the product development at Stripe, said they just want to do what their internet customers want. They’re all about helping customers around the world pay less for stuff. Even though stablecoins are still pretty new, they’ve shown that they can do just that.

Back in April, Stripe’s co-founder John Collison said that crypto was finally starting to make sense as a way to buy stuff.

Stripe accepts USDC on the Ethereum, Solana and Polygon blockchains (think of them as different networks or platforms for cryptocurrency). It also deals with the Pax Dollar on Ethereum and Solana. All payments made using stablecoin are changed into US dollars before being saved in Stripe wallets. They charge 1.5% of the transaction amount in US dollars.

In June, Stripe teamed up with a big cryptocurrency exchange called Coinbase. This partnership lets customers on both platforms buy crypto with regular money or sell crypto for regular money. As part of the deal, Stripe added support for the Base network, and Coinbase brought Stripe’s service that lets people buy and sell crypto into its own Coinbase Wallet.

Source: Cointelegraph