Paxos, a blockchain and tokenization infrastructure provider, has launched a new stablecoin payments platform. This platform powers Stripe’s Pay with Crypto product, enabling merchants to accept stablecoin payments more easily.
Paxos' infrastructure provides a full solution for onboarding, payins, conversions, and payouts, aimed at accelerating the processes for payments providers.
Stablecoin Payments Lower Costs
Stablecoin payments offer businesses a global payment method that reduces costs and simplifies money transfers. They provide an alternative to traditional card and wallet payments, often with lower fees and faster processing times. As cross-border digital payments grow, stablecoins are becoming a key player in the payment landscape.
“Stablecoins are the future of payments and money movement, commented Ronak Daya, Head of Product at Paxos.
“Adoption and utility will continue to grow as enterprises recognize how stablecoins provide instant, safe and low-cost settlement globally; all meaningful improvements relative to legacy payment rails. Our new stablecoin payments offering gives enterprises the infrastructure to onboard clients, power pay-ins and payouts and move money globally.”
Breaking news out of Paxos ????Paxos is launching a stablecoin payments platform.And Stripe is the first customer! Businesses can now accept USDC, PYUSD, & USDP for faster, cheaper payments across Ethereum, Solana, & Polygon.Stablecoin adoption ???? pic.twitter.com/g7O8lUqw6N
— TylerD ????♂️ (@Tyler_Did_It) October 15, 2024
Facilitating Merchant Transactions
The Paxos platform allows instant conversion between USD and stablecoins like PYUSD, USDP, and USDC. Merchants can choose to convert stablecoin payments to fiat currency or keep them as stablecoin balances.
Paxos also supports refunds by converting fiat into the original stablecoin and sending it directly to the payer’s wallet. This system supports PYUSD and USDP transfers via the Solana and Ethereum networks, and USDC on Ethereum, Solana, and Polygon.
John Egan, Head of Crypto at Stripe, added: “We’re always looking for ways to make it easier and cheaper for businesses to accept payments from their customers worldwide. Partnering with Paxos, we’re excited to enable stablecoin payments for our users with our Pay with Crypto product.”
This article was written by Tareq Sikder at www.financemagnates.com.
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