This summer, Stripe will add support for stablecoin transactions on a worldwide scale. There is currently a waitlist for this forthcoming feature on the company’s website.
After accepting Bitcoin payments for a decade, Stripe, a payment processor, stopped doing so in 2018. At the time, Collison said that making a Bitcoin payment was a “very horrible” experience, and Stripe said that they were terminating the service due to little demand.
Merchants using the Stripe platform will soon be able to accept stablecoins for online transactions thanks to the planned offering. Collison brought attention to the technological advancements in the cryptocurrency industry, showcasing faster transactions, lower costs, and the increasing stability of stablecoins.
While disclosing that the “transactions instantaneously settle on-chain and automatically convert to currency,” Collison showcased a payment using USDC (USD Coin), a popular stablecoin, during Stripe’s annual conference to highlight the new feature.
The decision to withdraw Bitcoin support was revised in the company’s blog post from January 23, 2018, to reflect the current announcement:
“This summer, businesses can add the option for clients to pay using stablecoins to their Stripe payment profiles.”
Stripe was an early backer of Bitcoin payments, but the company withdrew support for the cryptocurrency due to technological difficulties. These included long confirmation times for transactions, high failure rates, and astronomical fees. Stripe clients and retail consumers both saw a decline in demand due to the difficulties.
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