Stripe to Enable Cryptocurrency Payments
Twitter will kick off the new service by allowing some of its creators to receive earnings in the USDC stablecoin.
Crypto is coming to Stripe.
Online payments processor Stripe said Friday that it will allow businesses, beginning with Twitter, to start paying customers in cryptocurrencies.
The payouts will be made with USDC, a stablecoin whose value is tied to the US dollar. Instead of being mined by computers like traditional cryptocurrencies, stablecoins are pegged to fiat currencies to maintain a stable price.
Twitter will pilot the new option by allowing some people who charge followers for premium content to get paid in crypto. Twitter already uses Stripe's Connect service to pay creators. Those who now opt in to the new feature will be able to have their earnings sent to a crypto wallet.
Stripe's crypto payouts will take place over the Polygon network, which the company said it chose for its low fees, speed, integration with Ethereum and broad compatibility. Once creators receive their earnings, they can hold their balance on Polygon, or choose to bridge to Ethereum and exchange it for another currency, Stripe said.
Stipe said it plans to add support for additional payment "rails" and payout currencies over time.