In a major announcement, Patrick Collison, the CEO of payment processing giant Stripe, revealed that the company has launched a new feature enabling B2B payments using stablecoins.
This development directly responds to user demand for improved B2B payment experiences, as highlighted during the recent launch of Stripe’s “Pay with Cryptocurrency” feature.
The new invoicing capability allows Stripe users to create and send invoices that can be settled using available stablecoins on the platform.
Simplifying Crypto Payments for Businesses
The “Pay with Crypto” feature on Stripe enables businesses to accept stablecoin payments, which are then automatically converted to fiat currency and deposited into the user’s Stripe balance.
This service, which charges a 1.5% transaction fee, supports USDC payments across Ethereum, Solana, and Polygon blockchain networks.Â
By handling the complexity of holding and converting cryptocurrencies, Stripe aims to make it easier for businesses to adopt and benefit from stablecoin payments.
Stripe’s Reentry into Cryptocurrency
This development marks a significant milestone for Stripe, as it represents the company’s re-entry into the cryptocurrency space.
In 2018, Stripe had discontinued support for Bitcoin and other cryptocurrencies, citing volatility and slow transaction times as key challenges.
However, the launch of stablecoin payment options signals Stripe’s renewed focus on the potential of digital assets and their role in the future of payments.
Acquisition of Stablecoin Platform Bridge
To strengthen its cryptocurrency capabilities, Stripe has finalized a major acquisition, purchasing the stablecoin platform Bridge for $1.1 billion.Â
This strategic move underscores Stripe’s commitment to building a robust infrastructure for stablecoin payments and integrating them seamlessly into its broader payment services.
Also Read: Stripe Valuation Hits $70B, Company Expands Crypto Integration In Europe
Implications for Crypto Adoption and the Payments Landscape
Stripe’s embrace of stablecoin payments has the potential to drive widespread adoption of cryptocurrencies in the business-to-business space.
By providing a user-friendly and compliant solution, Stripe is lowering the barriers to entry for enterprises looking to leverage the benefits of digital assets, such as faster cross-border transactions and reduced payment processing fees.
This development is expected to have a significant impact on the future of the payments industry, as more businesses explore the integration of cryptocurrencies into their financial operations.