Financial support provider Stripe will now support USDC stablecoin on its polygon blockchain platform, as per the new announcement made today. These payments will be supported through Stripe Connect.
Stripe Connect is a new system for integrating new payments on an online platform. Stripe will first test this new payment channel on the social messaging tool Twitter.
“We will be introducing new crypto payouts for the creators. Stripe will do this new payment testing with a selected group of creators to ensure a smooth process. Our collaborated partners will be able to use these cryptocurrency-based channels to receive their earnings from Twitter,” said a Stripe representative in a blog post.
Twitter will allow the creators to use its services, such as Ticketed Spaces and Super Follows, to receive their earnings in Stablecoins.
Moreover, Stripe claims that the businesses and creators using Stripe Connect for payments will benefit greatly. They can pay in USDC without holding or buying the Stablecoin itself!
A Stripe official mentioned that the platform would create different payment channels in the future to support a variety of currencies.
Stripe: Brings a unique payment solution for creators
The creators, sellers, freelancers, and entrepreneurs build and create their content worldwide. It is easier to find customers due to the rapid digitalization and rapid growth of social media. However, there are some complications with the payment methods.
Stripe Connect brings an all-new solution to make things easier for the creators. Businesses across the globe can use Connect to make transactions to more than 70 countries using their local currencies.
Twitter is already using Connect to pay creators their profits with Twitter monetization products, including Tickets and Big Followers. With Connect crypto payments, Twitter will allow creators to have their money paid into a cryptocurrency wallet.
Stripe will handle all the complexity and functionality of the crypto. No code changes are required, and forums can avoid taking on the challenges of acquiring, storing, or transferring crypto itself.
“Twitter is where people go to discuss what’s going on globally. We focus on helping creators who drive those conversations to earn money and connect with their audiences in new ways. We’re excited to start offering creators crypto payments with Stripe so they can have more options on how they get paid,” mentions Esther Crawford, product lead for creators at Twitter.
In the initial phase, Stripe will support payments in USDC. The transactions will occur in a polygon network due to its low processing fees, higher speed, and integration with Ethereum.