Stripe partners with Paxos to launch stablecoin payments platform

• Stripe partners with Paxos to launch a stablecoin payments platform.
• Paxos’ platform supports PYUSD, USDC, and USDP for instant conversions.
• The initiative aims to cut costs and expand businesses’ global reach.

Stripe has taken a significant step toward enhancing global payment solutions by partnering with Paxos, a blockchain and tokenization infrastructure platform, to integrate Paxos’ new stablecoin payments platform into its “Pay with Crypto” product.

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

Making it easy for businesses to transact in stablecoins

The newly launched stablecoin payments platform by Paxos provides a comprehensive solution stack for onboarding, pay-ins, conversions, and pay-outs.

By leveraging this platform, Stripe is enabling businesses to receive payments in stablecoins and convert them instantly to fiat currency, or vice versa. This approach allows merchants to settle transactions quickly, reduce payment processing costs, and expand their international reach by tapping into a broader customer base.

The platform supports conversions between USD and various stablecoins, including PayPal’s PYUSD, Circle’s USDC, and Paxos’ USDP. PYUSD and USDP are compatible with both Solana and Ethereum networks, while USDC can be used on Ethereum, Solana, Polygon, and other chains. This wide range of blockchain support provides flexibility for 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, stating, “We’re always looking for ways to make it easier and cheaper for businesses to accept payments from their customers worldwide. Partnering with Paxos, we’re excited to enable stablecoin payments for our users with our Pay with Crypto product.”

Paxos’ Head of Product, Ronak Daya, expressed optimism about the future of stablecoin payments, describing them as a revolutionary advancement in global money movement. “Adoption and utility will continue to grow as enterprises recognize how stablecoins provide instant, safe, and low-cost settlement globally; all meaningful improvements relative to legacy payment rails,” Daya explained.

The partnership between Stripe and Paxos marks a significant milestone in the evolution of digital payments, as businesses increasingly look for innovative ways to handle global transactions and reduce reliance on traditional payment methods.