TL;DR
- Paxos launches a new stablecoin payment platform aimed at payment service providers and fintech companies, seeking to facilitate their adoption in the industry.
- Stripe becomes the first PSP to integrate the technology, allowing merchants to accept stablecoin payments through its “Pay with Crypto” product.
- The platform offers an API for fast and low-cost transactions, with the option to convert to fiat currency.
Paxos has officially launched a new stablecoin payment platform designed to facilitate the adoption of this type of digital asset in the payments industry.
This infrastructure is aimed at payment service providers (PSP) and fintech companies, with its main goal being to offer an efficient and cost-effective solution for global transactions. Stripe, one of the most recognized companies in payment processing, has become the first PSP to integrate Paxos’ technology into its system, enabling merchants to accept stablecoin payments through its “Pay with Crypto” product.
Introducing our new Paxos Stablecoin Payments platform! We’ve made it easier than ever for payments platforms and businesses to accept stablecoin payments with:
✅ Faster settlement
✅ Streamlined onboarding
✅ Instant conversion between USD and USDP, PYUSD, and USDCWe’re…
— Paxos (@Paxos) October 15, 2024
With this new platform, Paxos aims to provide an application programming interface (API) that will allow companies to make payments more quickly and at a much lower cost compared to traditional methods. The platform not only supports transactions in stablecoins but also offers the option to convert these assets into fiat currency, facilitating their use in everyday commerce. This conversion capability extends to several stablecoins, including Pax Dollar, PayPal USD, and USD Coin.
Paxos Aims to Revolutionize Global Payment Systems
The launch of the platform coincides with massive growth in the stablecoin market, which has reached a value of over $170 billion in recent months.
Paxos seeks to position itself at the forefront of the market with an innovative platform to drive efficiency and effectiveness in payments. Its infrastructure is designed to revolutionize the way merchants conduct transactions, allowing businesses to operate on a global scale without the typical barriers of the conventional financial system.
Paxos has also emphasized that once the platform is established, merchants will be able to issue refunds easily by directly converting fiat currency to the stablecoin used in the original transaction. This will enhance both the user experience and the flexibility levels of the platform