Paxos, the leading regulated blockchain & tokenization infrastructure platform, introduced its new stablecoin payments platform. Stripe’s Pay with Crypto product is powered by Paxos’ stablecoin payments infrastructure, making it easier for merchants to accept stablecoin payments. As a regulated and trusted provider of blockchain infrastructure, Paxos’ stablecoin payments platform lets payments providers move faster by leveraging the complete solution stack for onboarding, payins, conversions and payouts.
Stablecoin payments unlock opportunities for businesses to accept and move money seamlessly by reducing costs and expanding international reach by offering a truly global payment method. They are a faster and cost-effective alternative to cards and payment wallets for most providers and businesses. With digital, cross-border payments growing each year, stablecoins are positioned to help fuel the next wave of payment innovation.
Paxos supports instant conversions between USD and PYUSD, USDP and USDC for received payments, payouts and refunds. Once a stablecoin payment is received via Paxos, users can choose whether to immediately convert to fiat currency and settle in local currency like USD, or pay out stablecoin balances directly to merchants. Merchants will have the ability to issue refunds by instantly converting fiat into the stablecoin originally used, then sending directly to the wallet used in the initial payment. This solution supports PYUSD and USDP via on-chain transfers through the Solana and Ethereum networks, as well as USDC via Ethereum, Solana and Polygon.
Ronak Daya, Head of Product at Paxos, commented, “Stablecoins are the future of payments and money movement. Adoption and utility will continue to grow as enterprises recognize how stablecoins provide instant, safe and low-cost settlement globally; all meaningful improvements relative to legacy payment rails. Our new stablecoin payments offering gives enterprises the infrastructure to onboard clients, power pay-ins and payouts and move money globally.”
John Egan, Head of Crypto at Stripe, added, “We’re always looking for ways to make it easier and cheaper for businesses to accept payments from their customers worldwide. Partnering with Paxos, we’re excited to enable stablecoin payments for our users with our Pay with Crypto product.”
SOURCE: PRNewsWire