Stripe Users From 70 Countries Adopt USDC Stablecoin Payment Option on First Day of Rollout

Stripe was the first major payment provider to adopt Bitcoin BTCUSD in 2014. Still, the company backtracked on the decision in 2018

Payments giant Stripe saw users from over 70 countries utilize its newly launched stablecoin payment option on the first day of its rollout, indicating strong global demand for alternative payment solutions.

Stripe was the first major payment provider to adopt Bitcoin (BTC) in 2014, but the company later reversed its decision in 2018, citing slow confirmation times and high fees as reasons for discontinuing BTC payments.

On Oct. 9, Stripe finally introduced stablecoin payment options for its users after years of planning. In 2021, three years after discontinuing BTC payments, Stripe hired a new blockchain team that was tasked with working “across everything from web/mobile UIs to backend, payments and identity systems.”

Catering to global demand for crypto payments

After Stripe enabled merchants to accept USD Coin (USDC) payments, people from more than 70 countries made stablecoin payments on the first day, a Bloomberg report noted. Jeff Weinstein, product lead at Stripe, stated:

"We're excited by the early momentum and the feedback from our users has been overwhelmingly positive. We're continuing to work hard on expanding the capabilities and footprint of this product."

When announcing the return of crypto payments in April, Stripe co-founder and president John Collison said, “Crypto is finally making sense as a means of exchange.”

Stripe's total number of daily users is not publicly available and the company did not immediately respond to Cointelegraph's request for comment.

Stripe and Coinbase tie up for USDC integration

Stripe supports USDC on the Ethereum, Solana and Polygon blockchains and Pax Dollar (USDP) on Ethereum and Solana. All stablecoin payments are converted to the U.S. dollar before being stored in Stripe wallets. The company charges 1.5% of the transaction amount in US dollars.

In June, Stripe joined forces with crypto exchange Coinbase to bring fiat-to-crypto on-ramps and off-ramps to customers on both platforms.

As part of the deal, Stripe added support for Base across its crypto product suite, while Coinbase integrated Stripe's fiat-to-crypto on-ramp service into Coinbase Wallet.