Stripe Brings Back Crypto Payments Via USDC Stablecoin

I’m thrilled to share some exciting news: Stripe is reviving crypto as an option for transactions, but this time around, we’re promising an enhanced experience. – An observer at Stripe’s Global Internet Economy conference, where Co-founder and President John Collison made the announcement on Thursday.

I’ve observed the payments processor’s involvement in the crypto world for quite some time now. I first noticed its presence in the bitcoin ecosystem back in 2014. However, four years later in 2018, it decided to abandon all its previous initiatives in this space. The reason given was that bitcoin, at the time, was deemed too volatile and more suitable for holding as an asset rather than using it as a medium of exchange. Additionally, there were concerns over its lengthy transaction times and escalating fees during that period.

In that particular year, Bitcoin experienced its initial “cryptocurrency downturn.” The value of the token peaked at a remarkable $19,650 in December 2017, but by the close of 2018, it had plummeted to a significantly lower price of $3,401.

In 2021, the fintech behemoth made strides to rejoin the market by teaming up as a co-founder of Facebook’s Libra initiative. However, it distanced itself from the project later that year, and unfortunately, Libra failed to launch. In contrast, Stripe unveiled a new project in 2022 aimed at simplifying transactions between fiat currency and cryptocurrencies.

“During his keynote speech on Thursday, Collison expressed that cryptocurrencies are proving their value in practice. As the transaction rates accelerate and expenses decrease, crypto is becoming clearer as an effective medium for financial exchanges.”

I’ve observed that the company’s value is estimated to be an impressive $65 billion based on recent reports from Bloomberg. This financial giant ranks among the largest payments providers globally, processing an astounding total of over one trillion dollars in transactions during the year 2023.