Budrul Chukrut/SOPA Images/Shutterstock / Budrul Chukrut/SOPA Images/Shutterstock
Financial infrastructure platform Stripe has announced that platforms and marketplaces on Stripe can now pay money directly to their merchants, freelancers, content creators and service providers using cryptocurrency. Payouts will initially be available with USD Coin (USDC), a stablecoin pegged to the US dollar, the company said in an announcement.
Using Stripe, platforms like Twitter can offer creators the choice to receive payments in crypto. Twitter will use this feature to pay out revenue from Ticketed Spaces and Super Follows. According to the announcement, this option will initially be offered to a small group of American makers of Twitter.
“Today we are introducing crypto payouts for Connect. With crypto payouts, a select group of creators on Twitter — our first partner — will be able to use cryptocurrency-based rails to receive their revenue from Twitter,” the company added in a blog post. around the world. While it’s easier than ever to find customers and fans, it can still be difficult to get paid, especially outside the major markets.”
According to Circle, which launched USDC in 2018, “USDC has become a backbone of crypto capital markets, where blockchain-based “smart contracts” eliminate the need for traditional intermediaries and automatically match buyers, sellers, borrowers and lenders, enabling financial access to more There are now USD 49.9 billion in circulation as of April 25, the company says on its website.
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“IMPORTANT NEWS today for the mainstream adoption of USDC, with @stripe announcing crypto payouts with USDC, launched with @twitter as the first pilot customer. It’s worth seeing that some of the major internet companies in the world are using Circle,” tweeted Jeremy Allaire, Stripe co-founder and CEO on April 22. USDC is an indicator of things to come. We @circlepay share their mission to grow Internet GDP and believe USDC will become an important building block for Internet commerce.”
Stripe added that it will roll out support for additional cryptocurrencies and blockchain networks later this year.
CNBC is reporting that Stripe is “late to the party” in opening up its platform to digital currencies, as Visa, Mastercard, PayPal and other major payment processors have all announced their own steps into the space.
As for Twitter, which is in the midst of Elon Musk’s takeover saga, it said the option will initially be offered to a small group of American Twitter creators.
“Twitter is where people go to talk about what’s happening. We’re focused on helping creators fuel these conversations, monetize and connect with their audiences in new ways. We’re excited to offer crypto payouts to creators through Stripe, giving them more choice in how they get paid,” said Esther Crawford, product leader for creators at Twitter in the announcement.
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About the author
Yael Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including: Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major New York City financial firms, including New York Life and MSCI. Yael is now a freelancer and most recently co-authored the book “Blockchain for Medical Research: Accelerating Trust in Healthcare”, with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in journalism from New York University and one in Russian studies from Université Toulouse-Jean Jaurès, France.