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After a six-year hiatus from cryptocurrencies, payment giant Stripe announces its return to support USDC.

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After a six-year hiatus from cryptocurrencies, payment giant Stripe announces its return to support USDC.

After disabling Bitcoin (BTC) support for six years and completely suspending cryptocurrency payment services, Stripe announced that it will resume crypto payments this summer, but initially only with support for Circle's USDC stablecoin.

Stripe Announces Support for USDC

Stripe co-founder John Collison announced at the Global Internet Economy Summit on the 25th that they will reintroduce cryptocurrency payments, significantly improving the user experience. Users will now be able to use USDC for payments. Initially, Stripe will support three major blockchains:

  • Ethereum (ETH)

  • Solana (SOL)

  • Polygon (MATIC)

John Collison stated:

Cryptocurrencies are becoming increasingly practical, and with the improvement in transaction speeds and reduction in costs, we believe that using cryptocurrency as a form of payment makes sense.

Stripe: Bitcoin's High Volatility Leads to Transaction Errors

Stripe first entered the Bitcoin ecosystem in 2014 but ceased support in January 2018. Bitcoin plummeted from $19,650 in December 2017 to $3,401 by the end of 2018.

At that time, product manager Tom Karlo stated that the high volatility of Bitcoin often led to transaction errors, making it more of an asset than a medium of exchange. He also criticized Bitcoin for its lengthy transaction times and continuously increasing transaction fees.

In 2022, Stripe collaborated with FTX, indirectly supporting cryptocurrencies. In April of that year, they offered USDC transfer services for specific Twitter creators.

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