Paxos says their new stablecoin payment platform provides a comprehensive solution for providers, from user registration, deposit, conversion to withdrawal.
Paxos, a blockchain and stablecoin infrastructure and tokenization platform, has introduced a new stablecoin payment solution. Stripe is the first to adopt this solution for its "Pay with Crypto" product, helping businesses easily accept stablecoin payments.
John Egan, Stripe's Crypto Lead, said: "We are always looking for ways to help businesses accept payments from global customers more easily and cost-effectively. By partnering with Paxos, we are excited to offer a stablecoin payment option to users through our Pay with Crypto product."
Paxos says their new stablecoin payment platform provides a comprehensive solution for providers, including user registration, deposit, conversion and withdrawal. The company claims this helps businesses expand internationally and reduce costs by accepting faster and more cost-effective payment methods compared to cards and e-wallets.
Paxos supports instant conversion between USD and stablecoins like PayPal's PYUSD, Circle's USDC and Paxos' own USDP when receiving payments, withdrawals and refunds. Users can choose to instantly convert stablecoins to fiat or withdraw the stablecoin balance directly to the merchant. Similarly, merchants can refund by instantly converting fiat to the original stablecoin and sending it back to the wallet that made the payment.
Ronak Daya, Product Director at Paxos, shared: "We believe stablecoins are the future of payments and remittances." He explained: "Stablecoin adoption will continue to grow as businesses recognize the benefits of fast, secure and low-cost global payments - significant improvements over traditional payment methods."
"Our new stablecoin payment system provides businesses with the infrastructure to onboard customers, support deposits, withdrawals and global money transfers," he added.
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The article Stripe pioneers the use of Paxos' new stablecoin payment platform first appeared on CoinMoi.
