Free Speech Platform Odysee Announces New USDC-Based Monetization Model After Dropping Stripe

Earlier this month, free speech video-sharing platform Odysee announced that it would no longer use Stripe as its payments processor, and now more details about the new monetization model have emerged.

Video-sharing platform Odysee has announced that it will be dropping Stripe as its payments processor and shifting to a blockchain-based system instead.

The move comes after Stripe denied service to some Odysee creators and demanded that the platform restrict its own users because they didn’t align with Stripe's policies.

Odysee was also told to incorporate third-party moderation tools and target users who weren’t even using Stripe.

In a blog post on Monday, Odysee announced that its primary currency will now be USDC, a stablecoin pegged to the US dollar.

“This will allow us to provide a decentralized and censorship-resistant payment system for the platform,” the post reads.

“We understand that this may not be as seamless an onboarding experience as traditional payment processors, especially during the initial changes of deploying the new model.”

Those behind the platform also noted that users will be able to buy USDC with credit or debit cards, or bank accounts.

The token can then be used on the platform in the same way transactions were done until now – to tip, buy content, or membership.

The post also highlights the main differences between Stripe and USDC-based payment systems and why the latter is a better option.

“Removing Stripe or any other similar payment processor from the equation provides greater freedom and significantly reduces transaction costs for both users and creators,” the post reads.

“Additionally, Odysee will no longer take a cut of any transactions.”

This is because users and creators will manage their money using a cryptocurrency wallet.