2024-10-16
October 15, 2024 – Paxos, a
leading regulated blockchain and tokenization platform, has unveiled a new
stablecoin payments platform designed to simplify and accelerate crypto
transactions for businesses.
Stripe, a global payments processor, is
the first to integrate this solution through its "Pay with Crypto"
product, enabling merchants to easily accept stablecoin payments.
This new platform, powered by Paxos,
allows businesses to leverage stablecoins as a faster and more cost-effective
payment alternative to traditional cards and digital wallets.
Stablecoins are digital currencies
pegged to fiat, offering lower costs and greater speed, especially for
cross-border transactions. As digital payments expand globally, stablecoins are
poised to drive the next phase of innovation in the payments sector.
The Paxos stablecoin platform supports
instant conversions between U.S. dollars (USD) and stablecoins like PYUSD,
USDP, and USDC across multiple blockchain networks, including Ethereum, Solana,
and Polygon.
Merchants can receive payments, process refunds, and settle transactions either in stablecoins or fiat, based on their preferences. This flexibility streamlines the payment process for businesses, allowing them to operate seamlessly in international markets.
Ronak Daya, Head of Product at Paxos,
highlighted the transformative potential of stablecoins in the payments
industry: "Stablecoins are the future of payments and money movement. Our
platform provides businesses with instant, safe, and low-cost settlement
options globally, marking a significant improvement over traditional payment
systems."
John Egan, Head of Crypto at Stripe,
echoed this sentiment, expressing enthusiasm about the collaboration:
"Partnering with Paxos allows us to offer our users a more efficient and
affordable way to accept payments from customers worldwide, using stablecoins."
For more details about the new
stablecoin platform, visit Paxos.com.
