Paxos launches stablecoin payments platform with Stripe as first customer

Paxos just announced the launch of its new stablecoin payments platform. 

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

This partnership allows businesses to accept payments in stablecoins — cryptocurrencies designed to have a stable value, typically pegged to traditional currencies like the U.S. dollar.

The new platform helps payment providers accept stablecoins, simplifying international transactions by reducing fees and improving speed. Unlike credit cards or digital wallets, stablecoins allow instant, low-cost payments.

This could 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 like the U.S. dollar. 

Once a business receives a payment in stablecoins, they can either convert it immediately into local currency or keep it in stablecoin form for payouts. Additionally, merchants can issue refunds by converting fiat currency back into stablecoins and sending the refund directly to the original payment wallet.

The platform works 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.