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Paxos Launches Stablecoin Payments Platform and Instant USD Conversion

By temporary on October 16, 2024
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Tuesday, 15/10/2024 | 13:44 GMT by

Tareq Sikder

  • The platform enables instant conversion between PYUSD, USDP, USDC, and fiat like USD.
  • It supports refunds by converting and sending them to the original wallet on Solana, Ethereum, and Polygon.

Paxos, a blockchain and tokenization infrastructure
provider, has launched a new stablecoin payments platform. This platform powers
Stripe’s Pay with Crypto product, enabling merchants to accept stablecoin
payments more easily.

Paxos’ infrastructure provides a full solution for
onboarding, payins, conversions, and payouts, aimed at accelerating the
processes for payments providers.

Ronak Daya, Head of Product at Paxos, Source: Paxos

Stablecoin payments offer businesses a global payment method
that reduces costs and simplifies money transfers. They provide an alternative
to traditional card and wallet payments , often with lower fees and faster
processing times. As cross-border digital payments grow, stablecoins are
becoming a key player in the payment landscape.

“Stablecoins are the future of payments and money movement, commented
Ronak Daya, Head of Product at Paxos.

“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.”

Breaking news out of Paxos 📣

Paxos is launching a stablecoin payments platform.

And Stripe is the first customer!

Businesses can now accept USDC, PYUSD, & USDP for faster, cheaper payments across Ethereum, Solana, & Polygon.

Stablecoin adoption 🚀 pic.twitter.com/g7O8lUqw6N

— TylerD 🧙‍♂️ (@Tyler_Did_It) October 15, 2024

Facilitating Merchant Transactions

John Egan, Head of Crypto at Stripe, Source: LinkedIn

The Paxos platform allows instant conversion between USD and
stablecoins like PYUSD, USDP, and USDC. Merchants can choose to convert
stablecoin payments to fiat currency or keep them as stablecoin balances.

Paxos also supports refunds by converting fiat into the
original stablecoin and sending it directly to the payer’s wallet. This system
supports PYUSD and USDP transfers via the Solana and Ethereum networks, and
USDC on Ethereum, Solana, and Polygon.

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.”

Paxos, a blockchain and tokenization infrastructure
provider, has launched a new stablecoin payments platform. This platform powers
Stripe’s Pay with Crypto product, enabling merchants to accept stablecoin
payments more easily.

Paxos’ infrastructure provides a full solution for
onboarding, payins, conversions, and payouts, aimed at accelerating the
processes for payments providers.

Ronak Daya, Head of Product at Paxos, Source: Paxos

Stablecoin payments offer businesses a global payment method
that reduces costs and simplifies money transfers. They provide an alternative
to traditional card and wallet payments , often with lower fees and faster
processing times. As cross-border digital payments grow, stablecoins are
becoming a key player in the payment landscape.

“Stablecoins are the future of payments and money movement, commented
Ronak Daya, Head of Product at Paxos.

“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.”

Breaking news out of Paxos 📣

Paxos is launching a stablecoin payments platform.

And Stripe is the first customer!

Businesses can now accept USDC, PYUSD, & USDP for faster, cheaper payments across Ethereum, Solana, & Polygon.

Stablecoin adoption 🚀 pic.twitter.com/g7O8lUqw6N

— TylerD 🧙‍♂️ (@Tyler_Did_It) October 15, 2024

Facilitating Merchant Transactions

John Egan, Head of Crypto at Stripe, Source: LinkedIn

The Paxos platform allows instant conversion between USD and
stablecoins like PYUSD, USDP, and USDC. Merchants can choose to convert
stablecoin payments to fiat currency or keep them as stablecoin balances.

Paxos also supports refunds by converting fiat into the
original stablecoin and sending it directly to the payer’s wallet. This system
supports PYUSD and USDP transfers via the Solana and Ethereum networks, and
USDC on Ethereum, Solana, and Polygon.

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.”

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