Paxos, the company behind the Pax Dollar stablecoin, has introduced a new payment platform to boost stablecoin adoption in the payments industry.
According to a press release on Oct. 15, this new system is designed for payment service providers (PSPs) and fintech companies that want to offer stablecoin payments to their customers.
The new platform promises faster and cheaper transactions compared to traditional payment methods.
Paxos announced that Stripe, a major global payment processing company, will be the first to integrate this platform into its system. Paxos stated that “Stripe’s Pay with Crypto product is powered by Paxos’ stablecoin payments infrastructure, making it easier for merchants to accept stablecoin payments.”
Currently, the platform supports only three stablecoins: Pax Dollar (USDP), PayPal USD (PYUSD), and USD Coin (USDC). Merchants who want to use the platform can choose to receive payments in these stablecoins or convert them to cash.
In addition, the system allows easy refunds. Merchants can convert traditional money back into the original stablecoin used for the payment and send it to the customer’s digital wallet.
The platform works with popular blockchain networks like Ethereum, Solana, and Polygon, making it accessible to many businesses.
However, the payment platform is only available in the United States, but Paxos plans to expand its services to more countries in the future.
In the press release, Ronak Daya, Head of Product at Paxos, highlighted the advantages of stablecoins, saying, “Stablecoins are the future of payments and money movement.”
He also noted that the “new stablecoin payments offering gives enterprises the infrastructure to onboard clients, power pay-ins and payouts and move money globally.”
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