Stripe to Bring Back Crypto Payments with Stablecoins This Summer: Co-Founder John Collison

Stripe, the popular payment service, is making a bold move by bringing back crypto payments in the form of stablecoins. Co-founder and president John Collison made the announcement at the company’s developers conference in San Francisco, stating that the new service will be available this summer.

Collison emphasized that crypto is now making more sense as a means of exchange, especially with the rise of stablecoins. Since Stripe discontinued its Bitcoin payment option in 2018, transaction times have improved, fees have decreased, and stablecoins have proven to be a reliable form of digital currency.

“We’re bringing back crypto as a way to accept payments, but this time with a much better experience with stablecoins,” Collison said as he demonstrated a transaction on stage. Stripe will offer payment services using USD Coin on the Solana, Ethereum, and Polygon blockchains.

Collison highlighted the stability and dollar peg of USD Coin, making it a valuable store of value. He compared the use of stablecoins to the volume of Turkish lira traded across crypto exchanges, showing the strength of stablecoins in the market.

While Stripe was the first major payment provider to adopt Bitcoin in 2014, it discontinued the option four years later due to its limitations. However, the company did not completely abandon crypto and has been gradually reintroducing it into its services.

Stripe’s involvement in Facebook’s Libra project and its recent efforts to rebuild its crypto engineering team show its commitment to embracing digital currencies. The company has also partnered with X (formerly Twitter) to allow creators to receive payments in USDC on Polygon, as well as offering fiat-to-crypto on-ramps for U.S. customers.

With this latest announcement, Stripe is once again at the forefront of innovation in the payment industry, paving the way for a more seamless and efficient crypto payment experience for its users.