Stripe Returns Crypto Payments with USDC on Solana

Stripe is gearing up for an ambitious summer agenda, including enabling crypto payments with the USDC stablecoin on the Solana.

Stripe, a financial services provider has ambitious goals for the summer, one of which is to enable cryptocurrency payments using the USDC stablecoin on the Solana blockchain.

Stripe co-founder John Collison made the announcement that the platform will now accept global stablecoin payments, Stripe co-founder John Collison made the announcement.

At the same time, he stated that the cryptocurrency transactions will “immediately” settle into fiat currency. Firstly, Circle will only issue USDC for cryptocurrency payments across the Solana, Ethereum and Polygon blockchains.

Stripe Identifies The Prospect and Chose USDC

During his keynote talk, Collison noted that the relaunch of cryptocurrency settlements is significantly improving its users’ experience.

In order to provide some context, the financial service provider has already halted cryptocurrency payments on its platform as far back as 2018, due to the severe volatility that Bitcoin (BTC) was exhibiting at the time.

Furthermore, the corporation regarded the flagship cryptocurrency as an asset rather than a medium of exchange. During that time period, Stripe was concerned about the lengthy transactions and increasing fees associated with Bitcoin.

During this period, Bitcoin experienced its first serious winter, resulting in a significant decrease in its price, which went from $19,650 in December 2017 to $3,401 by the end of 2018.

Stripe, having left the digital asset ecosystem attempted a comeback the following year with Facebook’s Libra project. Stripe’s recovery was short-lived due to Libra’s constant presence in the morning.

In 2022, the payment company presented a concept that would make it easier to make payments using cryptocurrency. It appears that Stripe has recognized the potential benefits of the strategy, as evidenced by its decision to resume participation in cryptocurrency-based commerce.

It is most likely a method that the company employs to satisfy the ever-changing requirements of its clientele. After careful consideration, Stripe has come to the conclusion that “Crypto is finding real utility,” as stated by Collison.

Collison said, “We’re finally seeing crypto making sense as a means of exchange,” acknowledging the continuous increase in the speed of cryptocurrency transactions and the decline in their cost.

The selection of USDC serves as evidence of the stablecoin’s global prominence. It should come as no surprise that Charles Hoskinson, the founder of Cardano referred to the alternative cryptocurrency as an early Central Bank digital currency (CBDC).

Additionally, Circle has recently provided a novel smart contract functionality that makes it possible to transfer shares from BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) to Circle in return for USDC.

Recently, Circle announced this functionality. We expect the Stripe USDC-Solana migration to go operational later this summer.