Stripe, a leading payments company, is preparing to bring back crypto payments this summer and plans to start with USDC on the Solana blockchain.
The financial services company Stripe has ambitious plans for the upcoming summer, including facilitating crypto payments using the USDC stablecoin on the Solana blockchain.
The Temporary Departure from Crypto
Stripe co-founder John Collison announced that the platform will now support global stablecoin payments, with crypto transactions being settled into fiat immediately.Initially, only Circle-issued USDC will be utilized for crypto payments on the Solana, Ethereum, and Polygon blockchains.
During his keynote speech, Collison emphasized that Stripe is providing its users with an improved experience through the revival of crypto settlements.
Previously, Stripe suspended crypto payments on its platform in 2018 due to the high volatility of Bitcoin (BTC) at the time.
The company perceived Bitcoin as an asset rather than a medium of exchange, with concerns over its lengthy transaction times and rising fees.This period coincided with Bitcoin’s first major downturn, with its price falling from $19,650 in December 2017 to $3,401 by the end of 2018. 
Stripe Recognizes the Potential and Selects USDC
Stripe’s decision to re-enter the world of crypto-based commerce indicates that the company has recognized opportunities in this approach. This move is likely part of a strategy to cater to the changing needs of its customers.Collison stated that this time, Stripe sees “crypto finding real utility.”
He acknowledged improvements such as faster crypto transaction speeds and lower costs, adding that “we’re seeing crypto finally make sense as a means of exchange.”
The decision to use USDC reflects the growing global acceptance of the United States dollar-pegged stablecoin. This aligns with Cardano founder Charles Hoskinson’s description of the altcoin as a precursor to Central Bank Digital Currencies (CBDCs).
Additionally, Circle has recently introduced an innovative smart contract capability that enables the exchange of shares from BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) to Circle in return for USDC. The Stripe USDC-Solana venture is expected to launch later this summer.
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