Stripe, an online payments processor, announced on Friday that businesses, starting with Twitter, will be able to start paying consumers in cryptocurrency.
USDC, a stablecoin whose value is linked to the US dollar, will be used to make the payouts. Stablecoins are tied to fiat currencies to ensure a constant price rather than being mined by computers like typical cryptocurrencies.
The new option will be tested by enabling those persons who charge followers for premium content to be compensated in cryptocurrency. Stripe’s Connect service is already used by Twitter to compensate artists. Those who sign up for the new function will be able to get their money in a cryptocurrency wallet.
Stripe’s cryptocurrency payouts will take place on the Polygon network, which the business picked because of its cheap costs, speed, Ethereum integration, and broad compatibility. Stripe added that after authors receive their revenue, they may either keep their amount on Polygon or bridge to Ethereum and convert it for another currency.
Over time, Stipe wants to expand support for more payment “rails” and payout currencies.