Paxos unveils stablecoin payment platform with Stripe as first customer
Today, Paxos, the top platform for tokenization and regulated blockchain, unveiled its new stablecoin payment system.
The first to use it is Stripe's Pay with Crypto product, which facilitates stablecoin payments for merchants. The stablecoin payments infrastructure of Paxos powers Stripe's Pay with Crypto product, which makes it simpler for retailers to accept stablecoin payments.
Introducing our new Paxos Stablecoin Payments platform! We've made it easier than ever for payments platforms and businesses to accept stablecoin payments with:
— Paxos (@Paxos) October 15, 2024
✅ Faster settlement
✅ Streamlined onboarding
✅ Instant conversion between USD and USDP, PYUSD, and USDC
We’re…
Benefits of Paxos New Stablecoin Payments Platform
By utilizing the complete solution stack for onboarding, conversions, payins, and payouts, Paxos' stablecoin payments platform, a regulated and reliable supplier of blockchain infrastructure, enables payments providers to operate more quickly.
By lowering expenses and providing a genuinely worldwide payment option, stablecoin payments give companies the ability to accept and transfer money with ease. For the majority of providers and companies, they are a faster and more affordable option than cards and payment wallets. Stablecoins are well-positioned to support the upcoming wave of payment innovation as the number of digital, cross-border payments increases annually.
According to Paxos Head of Product Ronak Daya, stablecoins are the future of payments. The use and adoption of stablecoins will only increase as businesses recognize how they offer instantaneous, secure, and affordable settlement on a global scale.
With the help of our new stablecoin payments offering, businesses can now onboard customers, power payouts and pay-ins, and transfer funds globally, Daya added.
How does Paxos stablecoin payments platform work?
Additionally, John Egan, Head of Crypto at Stripe, stated, We're constantly searching for ways of making businesses simpler and less expensive for businesses to accept payments from their clients globally. With our Pay with Crypto product, we are thrilled to partner with Paxos to enable stablecoin payments for our users.
Instant conversions between USD and PYUSD, USDC and USDP, and deposit, withdrawal, and refunds are supported by Paxos. After receiving a stablecoin payment through Paxos, users have the option of paying out stablecoin balances to merchants directly or instantly converting to fiat currency and settling in local currency, such as USD.
Refunds can be issued by merchants by instantly converting fiat into the original stablecoin and then sending the money straight to the wallet that was used to make the initial payment.
In addition to USDC via Ethereum, Solana, and Polygon, this solution supports PYUSD and USDP through on-chain transfers via the Solana and Ethereum networks.
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