Irish-American financial infrastructure platform Stripe has announced that platforms and marketplaces on Stripe can now instantly pay funds to their sellers, freelancers, content creators, and service providers using cryptocurrency. Initially, payouts will be available using USD Coin (USDC), a stable coin pegged to the US dollar.
Twitter which currently uses Stripe to pay content creators will now offer them the choice to receive payments in crypto. Twitter will use this feature to pay out earnings from Ticketed Spaces and Super Follows. The option will initially be offered to a small group of Twitter’s US creators.
“Twitter is where people go to have conversations about what’s happening. We’re focused on helping creators who are driving 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.” Esther Crawford, product lead for creators at Twitter said.
Over the past decade, Stripe has significantly simplified the experience of global payouts for platforms and online marketplaces. With Stripe Connect, businesses can programmatically payout to people in more than 70 countries—in their local currency and now with the addition of crypto payouts, platforms using Connect will be able to participate in the Web3 economy without having to acquire and store crypto themselves.
Stripe will initially support payouts in USDC to wallets compatible with the Polygon network. Additionally, Stripe will roll out support for additional cryptocurrencies and blockchain networks later this year. Platforms and their end users can easily monitor and manage payouts—including crypto—in the Stripe Dashboard.
“Making commerce more global is one of the most powerful ways we’re going after our mission to increase the GDP of the internet. Because crypto protocols are global by default, they’re a natural vector for doing this. With crypto payouts, platforms using Stripe can send money to verified recipients nearly anywhere in the world, instantaneously,” said Will Gaybrick, chief product officer at Stripe.