Stripe partners with Paxos to launch stablecoin payments platform

Stripe partners with Paxos to launch stablecoin payments platform The Paxos platform supports PYUSD, USDC and USDP for fast conversions. This initiative aims to reduce costs and expand the global reach of businesses.

By integrating Paxos' new stablecoin payment platform with the “Pay with Crypto” product, Stripe has taken a significant step towards improving global payment solutions by partnering with Paxos, a blockchain and tokenization infrastructure platform.

This collaboration aims to simplify the process for businesses to accept stablecoin payments, providing a more efficient and cost-effective alternative to traditional payment methods.

Making trading in Stablecoins easier for businesses

Paxos' newly launched stablecoin payments platform provides a comprehensive solution stack for onboarding, payments, conversions and payments.

Using this platform, Stripe allows businesses to accept payments in Stablecoins and instantly convert them to fiat currency. This approach allows merchants to settle transactions faster, reduce payment processing costs and expand their global reach with a wider customer base.

The platform supports conversion between USD and various stablecoins, including PayPal's PYUSD, Circle's USDC and Paxos' USDP. USDC and USDP are compatible with Solana and Ethereum networks, while USDC can be used on Ethereum, Solana, Polygon and other chains. This broad blockchain support allows businesses and their customers to choose the most suitable network for their transactions.

John Egan, Head of Crypto at Stripe, emphasized the importance of this partnership, saying, “We're always looking for ways to make it easier and cheaper for businesses to accept payments from customers around the world. We are excited to partner with Paxos to enable stablecoin payments for our users with our Crypto Pay with Pay product.

Ronak Daya, head of product at Paxos, expressed his optimism about the future of stablecoin payments, describing it as a revolutionary development in the global financial movement. “Adoption and utility will continue to grow as enterprises realize how stablecoins can deliver speed, security and low cost globally. All meaningful improvements over legacy payment rails,” Daya explained.

The partnership between Stripe and Paxos marks a major milestone in the evolution of digital payments.