Twitter users have already been able to tip with Bitcoin, but now they’ll have a new option: paying in stablecoin. Online payments firm Stripe launched a pilot program today that allows payments to be made through USD Coin ($USDC.X).
Twitter will be the first company in the pilot. On Friday, users will have the option of taking earnings from their Super Follow and Ticketed Spaces in Polygon-compatible USDC. These features allow users to monetize their audience on the social media giant.
The payment company said it would expand crypto payment options to more than 120 countries by the end of the year, adding support for other cryptocurrencies beyond USD Coin.
Polygon, a layer-2 blockchain network designed to make Ethereum easier and faster, will handle all payouts on the Stripe Connect platform. The company chose Polygon because of its speed and low transaction fees.
Stripe’s latest move towards cryptocurrency following the removal of Bitcoin support in 2018 is a sign of how large financial firms are warming up to digital assets.
Company’s product manager Karan Sharma shared the same sentiment on his blog, saying: “While the ‘store of value’ aspects of cryptocurrencies typically receive the most attention, we view the prospect of ‘open-access global financial rails’ as being at least equally compelling.”
Despite its second dive into crypto, Stripe is somewhat late to the party. Several of its rivals, including PayPal and Block, have embraced crypto payments before and are now reaping the benefits.
With Web3 and decentralized finance flourishing in the digital age, it appears the company doesn’t want to miss out. It is going to be a fierce battle between digital payments firms in the near future and what they have to offer is sure to be fascinating.