Stripe’s Pay with Crypto Integrates Paxos Technology
Stripe has launched its Pay with Crypto product, becoming the first company to utilize Paxos' new stablecoin payments platform. This integration enables Stripe’s users to accept stablecoin payments, providing merchants with a simpler option to manage stablecoin transactions globally. John Egan, Stripe's Head of Crypto, highlighted that partnering with Paxos allows Stripe to offer faster and more cost-effective payment solutions.
Instant Conversions and Flexible Payment Options
The new Paxos platform supports real-time conversions between the U.S. dollar and various stablecoins, including PayPal’s PYUSD, Circle’s USDC, and Paxos’ USDP. Merchants can convert stablecoin payments instantly to fiat currency or opt to retain balances in stablecoins. Paxos’ setup allows for smooth pay-ins, pay-outs, and refunds, with merchants able to issue refunds by converting fiat back into stablecoins for customers.
A Vision for Stablecoins in Payments
Ronak Daya, Head of Product at Paxos, expressed optimism about stablecoins, emphasizing their potential to revolutionize payments by offering low-cost and instant global settlements. According to Daya, as businesses increasingly adopt stablecoins, these tools will replace older, less efficient payment methods.
Source:
The Block
