Stripe Jumps Back into Crypto, This Time with Stablecoins

Stripe, a company that helps businesses accept payments online, is re-entering the world of cryptocurrency. This time, they're going with a more stable type of crypto called a stablecoin, instead of Bitcoin like they used to. Stablecoins are designed to hold their value, unlike Bitcoin which can fluctuate a lot. This should make things easier for both businesses and their customers when using crypto payments. The new service is expected to launch this summer.

To prove his point about the benefits of stablecoins, Collison did a live transaction on stage. Stripe will soon allow businesses to accept payments using a digital dollar currency called USDC. This digital dollar will be available on three major blockchain platforms: Solana, Ethereum, and Polygon. Unlike other cryptocurrencies, USDC is designed to stay steady in value, just like the US dollar. Collison even compared it to the Turkish lira, a currency that fluctuates wildly, to highlight USDC's stability.

Though Stripe was the first major payment company to embrace Bitcoin in 2014, Collison admitted it wasn't ideal for everyday purchases. Four years later, they said goodbye to Bitcoin. But Stripe never fully left the crypto world. They joined Facebook's Libra project (think: a global digital currency), but it fizzled out due to government concerns. By 2 rebuilding their crypto team in 2021, Stripe hinted at a future return, and now it's here with stablecoins!

Remember X (formerly Twitter)? Stripe actually handles payments for creators on that platform. Back in 2022, they teamed up to let creators get paid in a special digital dollar currency called USDC. This digital dollar lives on a system called Polygon. To make things even easier, Stripe created a way for creators to directly convert their regular money (fiat) into USDC using special tools. This is similar to what apps like Venmo and Robinhood already do.