In a significant move, Stripe has announced the reactivation of crypto payments for U.S. businesses, allowing them to accept USDC through Ethereum, Solana, and Polygon. This development marks the first time since 2018 that U.S. Stripe customers can process crypto transactions, following the company’s previous decision to discontinue support for Bitcoin due to declining demand.
The new feature enables U.S. businesses to accept payments in USDC from customers in over 150 countries, with transactions settled in U.S. dollars. Stripe’s product lead, Jeff Weinstein, explained that the integration supports checkout, elements, and payment intents, with plans to extend functionality to the company’s subscription services in the near future.
Stripe originally became a pioneer in the crypto payments sector in 2014 when it first offered Bitcoin support. However, by 2018, the company had halted this service, citing issues such as long confirmation times, high fees, and price volatility as contributing factors to the decision. While Stripe aimed to launch USDC payments earlier this summer, delays pushed the rollout to October. Weinstein remarked that the timeline was aligned with San Francisco’s summer season, indicating that future support for additional countries is anticipated.
In recent months, Stripe has been actively expanding its crypto offerings. In July, its EU division introduced a widget that allows online vendors in Europe to facilitate purchases of various crypto, including BTC, ETH, and SOL. Additionally, in June, Stripe partnered with Coinbase to integrate the crypto exchange’s Layer 2 network, Base, into its payout products, enabling users to buy digital assets using credit cards or Apple Pay through the Coinbase Wallet.
The reactivation of crypto payments for U.S. businesses through Stripe’s USDC integration is a significant development in the fintech industry. By providing businesses with the ability to accept USDC payments across Ethereum, Solana, and Polygon, Stripe is positioning itself as a leader in the crypto payments space and catering to the growing demand for digital asset transactions. This move is likely to attract more U.S. companies to adopt crypto payments, further driving the mainstream adoption of digital currencies.
HaeB, CC BY-SA 4.0, via Wikimedia Commons
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