Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high

Source Fxstreet

Apr 26, 2024 00:53

Stripe seeks to incorporate USDC payments after a six-year wait.
USDC will become a major tool for crypto transactions among Stripe users.
Stablecoins' market cap has hit a record high since May 2022 amidst market volatility.

Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.

Read more: USDC stablecoin issuer Circle ends support on TRON due to compliance, risk management issues

USDC to go live on Stripe

After a six-year wait, Stripe is aiming to incorporate cryptocurrency payments into its products. The billion-dollar Fintech company recently announced that it would allow its customers to accept cryptocurrency payments using the USDC stablecoin.

The news was first announced by the company's President and co-founder, John Collison, on Thursday, stating, "Stripe is bringing back crypto payments - this time with stablecoins, which are a way better experience."

Also read: Tether moves against Venezuelan government's plans to leverage USDT for oil transactions

The addition of USDC stablecoin as a means of payment will be the first time the company has incorporated crypto payments since 2018 when it initially supported Bitcoin. However, it later removed support for the cryptocurrency due to its price instability.

With the integration, USDC could become a major tool for crypto transactions among Stripe users, improving public acceptance of cryptocurrencies in the process. This could be a major landmark for stablecoins among many other Fintech companies.

The stablecoin market has also seen a boost as its market cap grew amidst market volatility. As of April 24, the total market cap rose by 4.76% to $147 billion, the highest the market has experienced since May 2022.

Read more: USDT launches on TON blockchain as Tether announces US Dollar, Gold-backed tokens

Stablecoin trading volume also hit a new all-time high on centralized exchanges, rising 98.9% to a buzzing $2.18 trillion.

Stablecoins are hitting the markets stronger and becoming more useful to companies and governments seeking to adopt cryptocurrencies into their systems.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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