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Global payments platform Stripe will now allow companies to send payments to people using cryptocurrencies, starting with USDC. The company is currently piloting the feature with a select group of creators on Twitter.
Twitter already uses Stripe to process payments for ticketed spaces, and super follows. With this update, creators who opt-in to get paid to their cryptocurrency wallets will receive their earnings from Twitter through crypto payouts on Stripe Connect.
The company plans to roll out crypto payouts feature in over 120 countries by the end of 2022.
Stripe is initially supporting crypto payouts in USD Coin, a stable coin pegged to the US dollar, created by Circle and Coinbase. The payouts will be executed over the Polygon network.
Once the payment is received, the creators can either hold their balance on the Polygon or bridge it to Ethereum and exchange it for another currency. Stripe says that additional rails and payout currencies are on their roadmap for the future.
Creators will be able to track their earnings in real-time, manage their accounts and check payout time using the Stripe Express app.
Stripe says they’ll handle all the crypto-related operations, including acquiring, storing or transferring crypto, KYC, and anyone using the feature won’t have to go through code changes on their platform.
“We’re focused on helping creators who drive 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,” said Esther Crawford, Product Lead for Creators, Twitter.