A new stablecoin payment system has entered the crypto market as Paxos collaborated with payment processor Stripe to launch this feature.
Crypto investors can find the new stablecoin payment system when they use the “Pay with Crypto” option on Stripe. The platform is trying to revolutionise international transactions by leveraging the benefits of stablecoins.
The new platform simplifies cross-border transactions by decreasing fees and increasing the fees of transactions with help of stablecoins payment feature Stablecoins are cryptocurrencies designed to maintain a stable value, typically pegged to fiat currencies like the U.S. dollar.
The stablecoin payments solution launched by Paxos enables instant conversions between stablecoin tokens like USDC, USDP (Pax Dollar) and PYUSD(PayPal USD). Traditional fiat currency conversions are also enabled on this platform. With this in place businesses can immediately convert the payments they received as Stablecoins into a local currency or retain it in the digital asset form.
The platform's multi-blockchain compatibility, including support for Solana, Ethereum, and Polygon networks, enhances its appeal to a wide range of businesses seeking to integrate crypto payments into their existing systems. This flexibility could be particularly advantageous for companies operating across multiple jurisdictions or dealing with diverse customer preferences.
Paxos’ new stablecoin payment system comes at a time when there is a 65% year-on-year growth in the crypto asset’s transaction volume. This is due to increased cross-border payments and remittances using stablecoin.
Also the Stripe-Paxos collaboration underlines how traditional financial institutions are warming up to crypto solutions. A Deloitte survey highlighted how 85% of merchants are expecting their respective industries will adopt cryptocurrency payments in the next 5 years, underlining the importance of platforms like the one launched by Paxos.