Paxos Unveils Stablecoin Payments Platform, Stripe Leads Integration
In a significant move for the fintech industry, Paxos has launched a new enterprise-grade stablecoin payments platform, with global payment processor Stripe becoming its inaugural customer. This development, announced on October 15, 2024, marks a pivotal moment in the adoption of cryptocurrency for mainstream payment solutions.
The platform, designed to cater to payment service providers (PSPs) and fintech companies, aims to streamline the integration of stablecoin payments into existing systems. It offers an API infrastructure that facilitates faster and more cost-effective global transactions compared to traditional payment methods.
Stripe’s “Pay with Crypto” product will be the first to leverage Paxos’ new infrastructure, enabling businesses to accept stablecoin payments with settlement options in fiat currencies like the U.S. dollar. John Egan, Head of Crypto at Stripe, expressed enthusiasm about the partnership, stating, “We’re excited to enable stablecoin payments for our users with our Pay with Crypto product.”
The Paxos platform supports conversions between USD and three stablecoins: Pax Dollar (USDP), PayPal USD (PYUSD), and USD Coin (USDC). It operates across multiple blockchain networks, including Ethereum, Solana, and Polygon, offering versatility for businesses looking to integrate crypto payments.
Ronak Daya, Head of Product at Paxos, emphasized the potential of stablecoins in the future of payments, noting, “Adoption and utility will continue to grow as enterprises recognize how stablecoins provide instant, safe and low-cost settlement globally.”
Initially available in the United States, the platform allows merchants to choose between receiving stablecoins directly or converting them to fiat. It also facilitates refunds in the original stablecoin used for the transaction.