Stripe, one of the biggest payments firm, has announced that crypto payments in USD Coin (USDC) are now available, and Twitter authors will be the first to use the service.
The online payments giant announced on Friday that it will begin providing merchants the option of making cryptocurrency payouts using the stablecoin USDC, which is produced by crypto firm Circle.
The crypto payments will be integrated to Connect, Stripe's 2015 payouts platform. Businesses currently use Connect to transmit payouts in local currencies to around 70 countries programmatically.
Twitter will be the first to implement the new payment system. Starting on Friday, the social media site will allow a select group of artists to collect their revenues from its paid Ticketed Spaces and Super Follows services in USDC.
Esther Crawford, product lead for creators at Twitter said:
"We’re focused on helping creators who are driving those conversations earn money and connect with their audiences in new ways. We’re excited to begin offering crypto payouts to creators via Stripe so they have more choice in how they get paid."
Will Gaybrick, chief product officer at Stripe said:
"With crypto payouts, platforms using Stripe can send money to verified recipients nearly anywhere in the world, instantaneously“
According to the firm, payouts will be enabled first in the USDC stablecoin via the Polygon PoS (MATIC) network partly chosen because of low fees. Once creators get their earnings, they have the option of keeping their balance on Polygon or bridging to Ethereum and exchanging it for another currency.