- Stripe partners with Paxos to launch stablecoin payments platform.
- Paxos’ platform supports PYUSD, USDC, and USDP for instant conversion.
- The goal of this plan is to reduce costs and expand the company’s global reach.
Stripe has taken an important step in enhancing global payment solutions by partnering with blockchain and tokenization infrastructure platform Paxos to integrate Paxos’ new stablecoin payments platform into its “Pay with Crypto” offering.
The goal of this collaboration is to simplify the process for businesses to accept stablecoin payments, providing a more efficient and cost-effective alternative to traditional payment methods.
Helping businesses easily transact with stablecoins
Paxos’ newly launched stablecoin payments platform offers a comprehensive solution stack for onboarding, payments, conversions, and payments.
Stripe leverages its platform to enable businesses to accept payments in stablecoins and instantly convert them to fiat and vice versa. This approach allows merchants to process transactions quickly, reduce payment processing costs, and expand their international reach by leveraging a broader customer base.
The platform supports conversion between USD and a variety of stablecoins, including PYUSD from PayPal, USDC from Circle, and USDP from Paxos. PYUSD and USDP are compatible with both Solana and Ethereum networks, while USDC can be used on Ethereum, Solana, Polygon, and other chains. This broad blockchain support gives businesses and customers the flexibility to choose the network that best suits their transactions.
“We’re always looking for easier and cheaper ways for businesses to receive payments from customers around the world,” said John Egan, head of cryptocurrency at Stripe. We are excited to work with Paxos to offer stablecoin payments to our users through our Pay with Crypto product.”
Ronak Daya, Head of Product at Paxos, expressed optimism about the future of stablecoin payments, describing it as a revolutionary development in global money movement. “Adoption and utility will continue to grow as businesses recognize how stablecoins can provide instant, secure and affordable payments globally. All meaningful improvements have been made over existing payment rails,” Daya explained.
The partnership between Stripe and Paxos marks an important milestone in the advancement of digital payments as businesses increasingly seek innovative ways to process global transactions and reduce reliance on traditional payment methods.