Paxos said their new stablecoin payment platform allows providers to use the entire solution from registration, deposit, conversion, to payment. The company claims this provides more opportunities for businesses to expand internationally and reduce costs by accepting a faster and more cost-effective payment method compared to credit cards and digital wallets.
John Egan, Head of Crypto at Stripe, said:
"We are always looking for ways to help businesses accept payments from customers globally more easily and cost-effectively. By partnering with Paxos, we are excited to provide our users with stablecoin payment capabilities through our Pay with Crypto product."
Paxos will support instant conversion between USD and stablecoins such as PYUSD from PayPal, USDC from Circle, and USDP from Paxos itself for payment, payout, and refund transactions, according to the company's announcement. Users can choose to instantly convert stablecoin payments to fiat or pay businesses directly with stablecoin balances. Similarly, businesses can refund by instantly converting from fiat to the stablecoin initially used and sending it back to the initiated payment wallet.
Ronak Daya, Head of Product at Paxos, shared:
"Stablecoins are the future of payments and money movement." He further explained: "The adoption and utility will continue to increase as businesses realize how stablecoins provide instant, secure, and low-cost payments globally, all significant improvements over traditional payment systems."
He also emphasized:
"Our new stablecoin payment service provides businesses with the infrastructure to attract customers, support payments, and move money globally."
PYUSD and USDP are supported on Solana and Ethereum, while USDC is available on Ethereum, Solana, Polygon, and other chains.
