Stripe Launches Stablecoin Payments for Subscription Services
Stripe is pioneering stablecoin payments for subscription services to support firms with recurring business models, including those in the artificial intelligence sector. The new service is being introduced in a private preview for U.S.-based companies initially. Transactions will be processed in USDC on the Base and Polygon blockchains.
Expanding Payment Options
This initiative addresses the rising use of stablecoins for cross-border transactions. Stripe’s new subscription capabilities allow businesses to offer payments via crypto wallets, which settle in fiat currency. Companies can manage both fiat and stablecoin payments through a unified dashboard. The integration includes the use of Stripe’s Optimized Checkout Suite and Stripe Billing.
Innovative Smart Contract
Stripe developed a smart contract to simplify blockchain-based payments, eliminating the need for wallet owners to manually sign each transaction. According to Jennifer Lee, Stripe’s crypto payments product manager, this contract allows customers to authorize their wallets for recurring payments, akin to saving any other payment method.
Support for Widely Used Wallets
Customers can utilize over 400 supported wallets to streamline their payment process. This approach enhances usability by enabling wallets to function like traditional payment methods. Stripe initiated online stablecoin payments in October 2024 and quickly saw transactions from over 70 countries within the first 24 hours.
Stablecoin Financial Accounts
In May, Stripe introduced Stablecoin Financial Accounts, which enable businesses to maintain stablecoin balances, receive payments through both crypto and traditional systems, and remit stablecoins globally. In discussions with banks about stablecoin integration, Stripe President John Collison noted strong institutional interest in integrating stablecoins into banking products.
