Stripe Launches USDC Payments in 70 Countries, Sees Strong Global Demand

Prominent payment services provider Stripe introduced a new payment option allowing users to transact with USD Coin (USDC). Users from 70 countries adopted this stablecoin payment method on the first day.

This move signals growing interest in stablecoins as a viable payment solution.

Stripe's History with Crypto Payments

Stripe has been involved with cryptocurrencies for up to a decade. In 2014, itbecamethe first large payment provider to support Bitcoin.

However, in 2018, Stripe stopped supporting Bitcoin payments due to high fees and slow transaction times. Stripe felt that Bitcoin was no longer a suitable option for everyday payments.

Later, in 2021, Stripe made another move toward crypto by forming a dedicated blockchain team. The team was tasked with integrating blockchain technology, including backend systems, payments, and user interfaces, across Stripe's services. The new team set the stage for the eventual introduction of stablecoin payments.

Finally, after years of planning, Stripe introduced USDC payments on October 9, 2024. This marked the company's reentry into crypto payments, but this time, focusing on stablecoins.

Strong Global Adoption of USDC Payments

Within the first day of launching USDC payments, users from over 70 countries made stablecoin transactions. This shows strong global interest in alternative payment methods.

Jeff Weinstein, the product lead, explained why the company added stablecoins as a payment option.

He said, We, as a principle, do things that Internet businesses want, and they want to reach more customers at lower cost."

Stablecoins like USDC offer several advantages. They provide fast, low-cost transactions, making them ideal for businesses looking to expand globally. In this case, Stripe caters to businesses that want to reduce costs while reaching more customers.

USDC, a stablecoin pegged to the U.S. dollar, is less volatile than other cryptocurrencies, which makes it more attractive for day-to-day transactions. The company decided to integrate USDC after seeing increased demand for stablecoin payments.

Stripe co-founder John Collison had previously expressed optimism about crypto payments. In April, he said, Crypto is finally making sense as a means of exchange."

Stripe's Partnership with Coinbase for Stablecoin Payments

The launch of USDC payments is part of Stripe's broader crypto strategy. In 2024, Stripe partnered with leading crypto exchange Coinbase to facilitate users' movement between fiat and cryptocurrencies.

Through the partnership, Stripe added support for USDC on blockchains like Ethereum, Solana, and Polygon and Pax Dollar (USDP) on Ethereum and Solana.

All stablecoin payments made through Stripe are converted into U.S. dollars and stored in Stripe wallets, ensuring stable value for businesses using the service. Stripe charges a fee of 1.5% for each transaction, which is lower than many traditional payment processors.

In addition, Stripe integrated support for Coinbase's layer-2 blockchain network Base across its crypto services.

Coinbase also added Stripe's fiat-to-crypto on-ramp feature to its Coinbase Wallet. This collaboration simplifies the process for users to switch between fiat and crypto, further promoting the use of digital currencies.

Stripe's reintroduction of crypto payments, this time with stablecoins, highlights a shift in how digital currencies are viewed. By choosing USDC over more volatile cryptocurrencies like Bitcoin, it aims to make crypto payments more practical for everyday use.

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