Stripe Introduces USDC and USDP Payment Service

Payment service provider Stripe has incorporated stablecoins USDC and USDP as payment options on its checkout page, reports Bloomberg.

On the first day, customers from over 70 countries utilized this option.

“We are doing what internet businesses need, which is to reach more customers at lower costs. ‘Stablecoins’ are showing early signs of being able to help achieve this,” commented Stripe’s Head of Product, Jeff Weinstein.

The company announced the integration of such transactions in April.

Stripe supports USDC on Ethereum, Solana, and Polygon, and USDP on Ethereum and Solana. Payments in stablecoins are converted to US dollars. The firm charges a 1.5% fee on the transaction amount in USD.

The launch of the service was made possible through a partnership with Coinbase established in June.

As part of the deal, Stripe added support for Base to its suite of cryptocurrency products, while the exchange included Stripe’s fiat-to-digital asset conversion service in Coinbase Wallet.

In 2014, Stripe became the first major provider to integrate Bitcoin payments. In 2018, the firm withdrew from digital assets “due to high volatility.”

At the end of 2019, the company exited Facebook’s Diem project.

In 2021, Stripe founder John Collison described himself and the firm as “enthusiastic fans of Bitcoin.”

In July 2024, Stripe added the ability to purchase Bitcoin, Ethereum, and Solana in the EU.