Stripe to start taking crypto payments starting with USDC stablecoin

fednow is great and long overdue but how many of stripe's customers and their customers' customers are able to get US bank accounts?

Forex fees on credit cards tend to be painful outside of the US and wires aren't a viable option for most businesses.

Stripe does way more than just taking USD payments. If that's all you need, then sure, but let's not pretend they are are interchangeable.

I wasn't familiar with circle, but apparently they create USDC https://www.circle.com/en/

2014 (and ended 3 years later) I actually received a Stripe t-shirt for finding a "bug" with the console (was showing "Test" even though the transactions were live on the blockchain)

https://news.ycombinator.com/item?id=8792124

what is the right demand when stripe should be supporting?

Currently there are 93M wallets holding stablecoins with a weekly transfer of 373B[0].

[0] https://app.rwa.xyz/stablecoins

It is a damn shame to see Solana getting integrations and put on the same playing field as Ethereum, since as you say it's quite centralized and was a product of Sam Bankman-Fried's fraud pumping it into "relevancy".

But unfortunately those behind the projects and the project's treasury itself has become quite rich from the increase in price and can support bizdev and grants (bribes).

If the fish rots from the head then this "ny state of mind" doesn't begin with Stripe if you understand who I'm talking about.

Its incredible that the harm that SBF has done with Solana and other ponzi coins would get direct support from Stripe

IMO, the old generation of crypto people will go to their grave mad that anything other than ethereum sees success.

There are valid complaints about Solana, but the ones that get trotted out in online discourse are repeated until they become reality for the horse beater. Unfortunately for them, their reality is disconnected from actual reality.

Don't worry, they fail to support legitimate crypto too. Legitimate cryptos being XMR, BTC, BCH, and ETH, predominantly.

This is no different from ETH, Lido staking has ~30% market share[0].

Stake centralizing != less security. no amount of stake can allow validators to steal your funds, this affects only censorship resistance. So actual validator count is more important than superminority.

In case of USDC I'm assuming Circle should be running their own validator, which is the source of truth.

As someone who has used most networks, Solana has the best experience for transacting USDC.

[0] https://dune.com/hildobby/eth2-staking

Depends on the chain.

Bitcoin, which is unfortunately many people's first introduction to crypto, takes on average 10 minutes per block. Typically services then wait for finality which is 6 blocks, so about an hour.

On Ethereum, each block is 12 seconds and 64 blocks for finality, so 12.8 minutes. If Stripe were smart, they'd be using an L2 like Base where block times are ~2s.

On Solana, each block .45s and 20-40s for finality. But Solana makes a lot of sacrifices and tradeoffs to achieve this and thus isn't on the same level as Ethereum.

Edit: From another article is appears they'll be using custody funds though, at least to start. So in that case transactions should be instant due to a centralized layer as you mention.

I used Solana pay irl last year, and it was as easy and quick as Apple Pay. Solana has a sub-second confirmation time.

If you live in a county with a functional and stable financial system then this announcement isn’t for you. If you live in xyz country where getting a credit card is a big challenge this will make it easier to shop online.

Stablecoins provide all the risks of crypto, with none of the rewards.

They aren't inherently a scam, but that doesn't mean that they can't be part of a scam.

Luna had a "stablecoin" but that turned out to be a scam, but that doesn't mean all stablecoins are scams.

At best they are like PayPal... So pretty bad.

There are two different kinds of stablecoins. One is algorithmic stablecoins, which you probably remember from the Terra/Luna collapse. It relies on issuing/redeeming one cryptocurrency for another to keep the peg, which works mathematically unless the divisor goes to zero, which is what happened.

USDC is just a one-to-one stablecoin where for every coin issued there is one redeemable US dollar somewhere. People have accused Tether, which works on the same principle, of being a scam by not actually having a dollar for every USDT, but there's nothing inherently scammy or non-scammy about the system. It's like a bank, either they have the reserves they claim or they're committing fraud.

Apparently they weren't for a long time, but they may have been last year (based on some cursory googling). They projected $100,000,000 EBITDA for 2023, but I'm not certain it panned out.

Their cash burn over the years has been astonishing. It seems like a very difficult business to make money in, somewhat ironically. Sort of a "water water everywhere" situation.

I am quite taken back by Stripes decision here but dissing PG's golden boy will get me banned so I suggest everybody to read @bitfinexed on X on why USDC/Tether is extremely shady.

but I don't know which payment processor like Stripe can do the following:

- marketplace onboarding for buyers and sellers

- crowdfunding

- mass payouts/intermediary payouts

- doesn't hide fees for dashboard

> since Stripe is becoming more hostile and banning customers and shutting down their accounts for no reason

Start using Ethereum, it prevents this. Stop using intermediaries. The solution is right in front of you, but you're too distracted by the scams to see what the technology enables.

Yes it's unfortunate that so many scams exist and give the entire ecosystem a bad name, but scammers exist everywhere. Is email a scam because of scammers? Are phones a scam because of scammers? Is the stock exchange a scam because of scammers? No, and this is no different.