Paxos launches stablecoin payments platform with Stripe as first customer

Paxos announced the launch of its new stablecoin payment platform.

Stripe, a global payment processor, has become the first company to use this new platform to support the “Pay with Crypto” feature, according to a press release.

This partnership allows businesses to accept payments in stablecoins, which are cryptocurrencies designed to have a fixed value, usually pegged to traditional currencies such as the US dollar.

The new platform helps payment providers accept stablecoins, streamlining international transactions by lowering fees and increasing speed. Unlike credit cards or digital wallets, stablecoins enable instant, low-cost payments.

This can be particularly beneficial for businesses working across borders, where traditional methods involve higher fees and delays.

Paxos and stablecoins

Paxos’ platform supports instant conversions between various stablecoins such as PYUSD (PYUSD), Pax Dollar (USDP) and USDC (USDC) and traditional currencies such as the US dollar.

When a business receives a payment in stablecoin, it can either convert it immediately to the local currency or hold it in the stablecoin format for payments. Additionally, merchants can issue refunds by converting fiat currency back into stablecoins and sending the refund directly to the original payment wallet.

The platform runs on multiple blockchain networks, including Solana (SOL), Ethereum (ETH), and Polygon (MATIC), making it a versatile solution for companies looking to integrate crypto payments into their existing systems.