Payment giant Stripe is making a cautious return to the cryptocurrency market after a six-year absence. The company announced at its user conference that it will begin supporting stablecoin payments globally this summer.
This move follows a period of surging investor interest in cryptocurrencies, with Bitcoin reaching record highs last month. Stripe previously allowed Bitcoin payments until 2018 when it halted the service due to volatility concerns.
In its comeback, Stripe is starting small, focusing on USDC stablecoins – a type of cryptocurrency pegged to the value of the US dollar, offering more stability compared to traditional cryptocurrencies. Transactions will be settled on major blockchains like Ethereum, Solana, and Polygon and automatically converted to traditional currency.
This re-entry coincides with Stripe’s broader effort to attract new customers. The company is unbundling its services, allowing businesses to use specific features without needing the full payment platform. This could appeal to large enterprises locked into existing contracts.
The news comes amidst speculation about a potential Stripe IPO. With a recent valuation of $65 billion and significant fundraising, Stripe is a major player in the fintech industry.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The cryptocurrency market is volatile and carries inherent risks. Please do your own research before making any investment decisions.
