Stripe Launches Crypto Feature Allowing Twitter Users To Get Paid In Stablecoins

The $95 billion payment company, Stripe said it would begin allowing businesses to pay their users in cryptocurrencies, starting with Twitter.

On Friday, the company said it would start allowing merchants to make payouts in crypto through stablecoin USDC.

Stablecoins are coins pegged to a fiat currency to preserve price stability. USDC, in particular, is backed by the U.S. dollar.

Starting Friday, Twitter will allow a limited number of creators to begin earning in USDC from its Ticketed Spaces and Super Follows features.

This is the first time since Stripe stopped supporting Bitcoin four years ago that the company is getting back into the crypto ring. The company stopped accepting payments in Bitcoin in January 2018 due to price volatility.

“While the ‘store of value’ aspects of cryptocurrencies typically receive the most attention, we view the prospect of ‘open-access global financial rails’ as being at least equally compelling,” Karan Sharma of Stripe said on Friday. “As a result, we’ve been exploring ways to use cryptocurrency-based platforms to unlock broader access.”

Stripe’s payout feature will operate on the Polygon network to manage transactions faster and at a lower cost. 

“We plan to add support for additional rails and payout currencies over time,” Sharma said.

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