Paxos and Stripe have launched a platform for payments in stablecoins

The new product supports USDP, PYUSD, and USDC coins

15.10.2024 - 15:20

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3 min

What’s new? US-regulated fintech company Paxos, which provides services in the areas of blockchain infrastructure and tokenization, has partnered with payment company Stripe to launch a platform for making payments in stablecoins. It is available as part of Stripe Pay with Crypto product and makes it easier for merchants to accept payments in stablecoins.

Press release

What else is known? Paxos supports instant conversion between US dollars and several stablecoins. These include the company’s own Pax Dollar (USDP) asset and Paxos-branded PayPal payment company PYUSD. Conversion is also supported in USDC stablecoins from issuer Circle. With these assets, payments can be made on the Stripe platform, as well as payments and refunds.

Once a payment in stablecoins is received through Paxos, users can choose whether to immediately convert it to fiat currency and settle in local currency, or settle with merchants directly in stablecoins.

Sellers, on the other hand, can make refunds by instantly converting fiat to the originally used stablecoin and sending it to the wallet from which the payment was made.

This solution supports PYUSD and USDP via on-chain transfers via Solana and Ethereum networks, and USDC via Ethereum, Solana and Polygon.

PayPal conducted the first B2B payment using the PYUSD stablecoin

The company emphasized the suitability of stablecoins for corporate use

Paxos notes that payments in stablecoins allow companies to conduct seamless transfers through lower fees and global reach.

“They are a faster and cost-effective alternative to cards and payment wallets for most providers and businesses. With digital, cross-border payments growing each year, stablecoins are positioned to help fuel the next wave of payment innovation,” the company concluded.

In September, PayPal opened up the ability for business accounts in the United States to buy, store and sell cryptocurrency, as well as on-chain transfers using external accounts. PayPal, in addition to PYUSD, supports several major cryptocurrencies, including BTC, ETH, LTC and BCH.

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