Stripe is first customer to utilize new solution
NEW YORK, Oct. 15, 2024 /PRNewswire/ -- Paxos, the leading regulated blockchain & tokenization infrastructure platform, today 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."
To learn more about Stablecoin Payments by Paxos, visit www.Paxos.com.
About Paxos
Paxos is the leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.
Paxos partners with leading global enterprises to tokenize, custody and trade assets. Its blockchain solutions are used by leaders like PayPal, Interactive Brokers, Mastercard, Mercado Libre and Nubank. It is the issuer of numerous regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG). Its affiliate company Paxos International issues the yield-bearing regulated stablecoin Lift Dollar (USDL). Licensed to engage in virtual currency business activity by the New York State Department of Financial Services and prudentially regulated by the MAS in Singapore and FSRA in Abu Dhabi Global Market, Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures.
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SOURCE Paxos
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