Highlights:
- Paxos launches a stablecoin payment platform, with Stripe integrating it to enhance global transactions.
- The platform enables instant USD and stablecoin conversions, supporting PYUSD, USDP, and USDC across multiple blockchains.
- Paxos aims to revolutionize payments by providing infrastructure for faster, low-cost, and secure global money movement.
Paxos has announced a new stablecoin payment platform to crack down the world of transactions. The first such integration has been done with Stripe, the world’s most popular payment processor, and its Pay with Crypto product. With this partnership, merchants dealing with stablecoin payments are easy, and cross-border payments are more accessible.
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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
According to the statement, instant conversion between U.S. dollars and stablecoins such as PayPal USD (PYUSD), Pax Dollar (USDP), and USD Coin (USDC) is possible on the platform. It supports payments, payouts and refunds providing a comprehensive solution. Paxos’ infrastructure supports onchain transfers via Ethereum, Solana, and Polygon networks. This multi-chain support ensures flexible and efficient transaction processing.
Head of Crypto at Stripe, John Egan, said:
“We’re always trying to make it easier and cheaper for businesses to accept payments from their customers all over the world. We’re excited to partner with Paxos to enable our Pay with Crypto product, which allows our users to pay with stablecoin.”
Revolutionizing Global Money Movement
Paxos believes stablecoins are the future of payments and desired means of money movement. “Stablecoins deliver instant, safe and low cost settlement globally, all meaningful improvements relative to legacy payment rails,” says Ronak Daya, Head of Product, Paxos. He emphasized the importance of modernizing payment infrastructure.
The platform offers a complete stack of solutions for onboarding such as pay-ins, conversions, and payouts. The goal is to assist with cost reduction and speed of payment providers. The Paxos’ infrastructure allows companies to supplement their payment strengths.
By allowing party payment, business can begin operate all over the globe and also makes money send much easier. Payments through stablecoins provide a faster and more cost effective alternative to traditional methods of payment such as credit cards and payment wallets.
Flexible Conversion and Refund Options
Once a stablecoin payment is received via Paxos, a user can convert it immediately to fiat, or hold stablecoin balances. It benefits both merchants and customers, as it caters to different financial preferences. By converting fiat into the original stablecoin used and sending directly to the customer’s wallet, merchants are able to issue refunds. This is a streamlined and efficient process that improves customer satisfaction.
Solana and Ethereum networks are registered for PYUSD and USDP transfers, and Ethereum networks are also available for transfers in USDC. This broad compatibility further ensures this multi-network support.
Over the past few years, the world of stablecoins has been growing and it is now absolutely essential in the payment landscape and fueling innovation. In the long run, Paxos will expand support of more assets and blockchain networks to keep the platform flexible and ready for the next customer need.
The main drawback of traditional payment methods is the higher fees and longer processing times. Instant, low-cost transactions make stablecoins attractive to businesses and consumers. Stablecoin transactions run in the secure and compliant environment Paxos’ regulatory first approach offers. Regulation in the market leads to the focus trust and reliability of the platform.
In the United States, Paxos’ newly launched stablecoin payment platform is available and will eventually roll out outside of the U.S. dollar. The expansion will also make further expansion of global payment capabilities possible. In order to keep adding assets and blockchain networks, the company intends to base that on the customer’s interests and the preferences of the end users.
Paxos Joins Arbitrum to Boost Ethereum Layer 2 Tokenization
In September, Paxos integrated with Arbitrum, a Layer 2 network of Ethereum. Their integration was supposed to help increase the use of real-world assets when interacting with blockchain networks. Using Arbitrum to solve the scalability problem, Paxos wanted to further enhance institutional development and leverage Arbitrum’s low-cost and strong DeFi environment.
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