Stripe Introduces USDC Subscription Payments on Base and Polygon
On October 14, Stripe unveiled a new feature: subscription payments in USDC. This service is now available on the Base and Polygon blockchains. It’s a big step for stablecoins in everyday transactions.
Stripe’s new offering targets merchants who rely on recurring revenue. About 30% of Stripe’s merchants fall into this category. Users can now pay subscriptions directly from their crypto wallets. The payments will settle in traditional currency.
Managing these payments is easy. Users can handle everything through the Stripe Dashboard. This feature is expected to attract more users, including those who don’t have other payment options.
Alex Mashrabov, CEO of Higgsfield, is thrilled. He believes stablecoin payments will reduce costs and attract tech-savvy users. It will also help reach people who lack access to traditional payment methods.
Stripe uses a smart contract for this service. It allows users to authorize their wallets for recurring payments without needing to sign each transaction. The feature supports over 400 wallets. Initially, it will be available for U.S.-based businesses.
Stablecoin payments are gaining traction. Stripe noted that the top 20 companies on its platform, mostly U.S.-based, earn 60% of their revenue overseas. Stablecoins offer faster settlements and lower fees for cross-border transactions.
As a result, these companies are seeing a rise in stablecoin payment volumes. This new feature could further boost stablecoin adoption in mainstream payments.
