- Stripe users will be able to make and receive USDC transactions through Ethereum and Solana.
- The company had previously discontinued its Bitcoin services in 2018.
Payments giant Stripe announced Thursday that it would be resuming crypto payments in 2024.
“After nearly ten years, accepting crypto is back on Stripe, coming this summer,” Jeff Weinstein, product lead at Stripe, said on X.
The company began its foray into crypto in 2014, though it pulled away in 2018, citing the volatility of Bitcoin’s network and the blockchain’s consistent technological upgrades.
“Bitcoin has evolved to become better-suited to being an asset than being a means of exchange,” the company wrote in a 2018 blog post.
Stripe’s new crypto policy favours Circle’s stablecoin over Bitcoin.
Users will be able to make and accept payments in USDC, through the Ethereum or Solana blockchains, according to the company’s presentation. They will also be able to connect various wallets — MetaMask, Phantom, Coinbase Wallet, Rainbow — to their Stripe accounts.
“Transaction settlements are no longer comparable with Christopher Nolan films for length,” Stripe co-founder and president John Collison said on Thursday. “And transaction costs are no longer comparable with Christopher Nolan films for budget.”
Stripe warms up to stablecoins
Stripe was also a brief supporter of Meta’s stablecoin project, Libra, in 2019.
Then, in 2022, it announced a payouts programme in conjunction with X, formerly Twitter, enabling creators on the platform to receive earnings in USDC.
The payments services company was valued at $50 billion during a $7 billion funding round in 2023. Stripe has recently mulled over the possibility of going public, though it stated in March that it was in no rush to do so.
Tom Carreras is a markets correspondent at DL News. Got a tip about Stripe? Reach out at tcarreras@dlnews.com
