Blockchain and tokenization infrastructure company Paxos announced on Tuesday the launch of a new stablecoin payment platform. Payment service providers can use the complete solution stack provided by the platform to accelerate customer onboarding, account entry, exchange and payment processes. Fintech company Stripe’s Pay with Crypto is the first payments product to leverage the Paxos stablecoin payment infrastructure, making it easier for merchants to accept stablecoin payments.
Paxos’ stablecoin payments platform supports instant conversion between U.S. dollars and PayPal’s PYUSD, Circle’s USDC, and Paxos’ own USDP for receiving payments, disbursements, and refunds.
Introducing our new Paxos Stablecoin Payments platform! We've made it easier than ever for payments platforms and businesses to accept stablecoin payments with: Faster settlement Streamlined onboarding Instant conversion between USD and USDP, PYUSD, and USDCWe’re…
— Paxos (@Paxos) October 15, 2024
According to a Paxos press release, when users receive stablecoin payments through Paxos, they can choose whether to immediately convert to fiat currency and settle in local currency (such as U.S. dollars), or pay the stablecoin balance directly to the merchant. If a merchant wants to initiate a refund, they can immediately exchange the fiat currency back to the originally used stable currency, and then send it directly to the wallet where the initial payment was made. This solution supports PYUSD and USDP on the Solana and Ethereum chains, and USDC on the Ethereum, Solana and Polygon chains.
Paxos sees stablecoin payments as a faster and more cost-effective alternative to cards and payment wallets for most services and businesses, said Ronak Daya, head of product at Paxos:
“Stablecoins are the future of payments and money flows. As businesses realize how stablecoins can provide instant, secure and low-cost settlement on a global scale, their adoption and utility will continue to grow.”
Stripe, which partnered with Paxos, ended its support for Bitcoin in 2018, but the company officially restarted cryptocurrency payment services in October this year. Jeff Weinstein, head of product, said the new service allows its enterprise customers to accept USDC stablecoins from customers in more than 150 countries, and buyers can make USDC payments through Ethereum, Solana and Polygon chains.
okee, crypto on @stripe is officially back!– accept stablecoins from 150+ countries– buyers pay in usdc (via ethereum, solana, polygon)– you, as a usa business, receive usd– works with checkout, elements, or payment intents (and soon subscriptions)see a live demo:… https://t.co/zPyQyAMvJd
— Jeff Weinstein (@jeff_weinstein) October 9, 2024
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