Stripe is the first to utilize a new stablecoin payments platform from Paxos
Quick Take
- Stripe’s Pay with Crypto product is the first to utilize Paxos’ new stablecoin payments platform.
- Paxos supports instant conversions between USD and PayPal’s PYUSD, Circle’s USDC and Paxos’ own USDP for received payments, pay-outs and refunds.
The blockchain and tokenization infrastructure platform Paxos introduced today's stablecoin payments platform. Stripe's Pay with Crypto product — which makes it easier for merchants to accept stablecoin payments — is the first to use it.
"We’re always looking for ways to make it easier and cheaper for businesses to accept payments from their customers worldwide. Partnering with Paxos, we’re excited to enable stablecoin payments for our users with our Pay with Crypto product," Stripe's Head of Crypto, John Egan, said.
Paxos says its new stablecoin payments platform lets providers leverage a complete solution stack for onboarding, pay-ins, conversions, and pay-outs. The company claims this provides more opportunities for businesses to expand their international reach and reduce costs by accepting a faster and cost-effective alternative to cards and payment wallets.
Paxos supports instant conversions between USD and PayPal's PYUSD, Circle's USDC, and Paxos' own USDP for received payments, pay-outs, and refunds, the company noted in a press release. Users can choose to immediately convert a stablecoin payment to fiat currency or pay out stablecoin balances directly to merchants. Likewise, merchants can issue refunds by instantly converting fiat into the originally used stablecoin and sending it to the wallet that initiated the payment.
Paxos' Head of Product, Ronak Daya, shared their belief that "stablecoins are the future of payments and money movement," explaining: "Adoption and utility will continue to grow as enterprises recognize how stablecoins provide instant, safe and low-cost settlement globally; all meaningful improvements relative to legacy payment rails."
"Our new stablecoin payments offering gives enterprises the infrastructure to onboard clients, power pay-ins and payouts and move money globally," they added.
PYUSD and USDP are supported on Solana and Ethereum, while USDC is available on Ethereum, Solana, Polygon and other chains.
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