Close Menu
    Blockchain

    Paxos debuts new stablecoin payment platform with Stripe

    By No Comments3 Mins Read

    30s Summary

    Paxos has developed a system which aims to increase the prevalence of stablecoin payments. The infrastructure, first utilised by global payment processing company Stripe, allows payment providers to receive stablecoin payments that can be converted into regular fiat currencies like the US dollar. While currently only available for use in the US, Paxos plans to expand the service. Promoting swifter and cheaper international payments, the platform is currently targeting payment providers and requires customers to create a wallet with Paxos.

    Full Article

    Paxos, the company behind the Pax Dollar stablecoin, is on a mission to make stablecoin payments more common. They’ve come up with a new system to do that which is designed for payment service providers and fintech companies.

    In mid-October, Paxos revealed that Stripe, a global payment processing company, was the first to use Paxos’ system. The new infrastructure will be used in Stripe’s Pay with Crypto product, which lets people accept stablecoin payments that get converted into regular money like US dollars.

    The new platform from Paxos is great for quicker and cheaper international payments. Currently, though, it is targeting payment providers rather than merchants. To use the platform, customers have to create a wallet with Paxos. After that, merchants and PSPs can choose to receive stablecoins or convert funds to regular money through Paxos.

    When it first launched, Paxos’ platform could convert between the US dollar and three stablecoins: Pax Dollar (USDP), PayPal USD (PYUSD) and Circle’s USD Coin (USDC). While it’s only available in the US for now, Paxos has plans to make its platform available beyond the US in the future.

    For now, Stripe is accepting payments from over 70 countries, and once a stablecoin payment is received, users can convert it to fiat, or send stablecoins directly to merchants.

    As a part of this, retailers can offer refunds by converting regular currency into the original stablecoin and sending it directly back to the customer’s wallet. This feature supports PYUSD and USDP via onchain transfers through the Solana and Ethereum networks, as well as USDC via Ethereum, Solana and Polygon.

    According to Paxos, the new platform is all about offering high-quality infrastructure for payments, moving along with a regulatory-first approach.

    The value of the stablecoin industry has exploded in recent years, with the total market value topping $170 billion in September 2024. As of now, there’s no limit on the number of stablecoins that should exist on the market. In fact, Paxos aims to keep adding more assets and chains based on customer interests and preferences.

    Source: Cointelegraph

    Related Posts