Paxos Launches Stablecoin Payments Platform and Instant USD Conversion

Tuesday, 15/10/2024 | 13:44 GMT by Tareq Sikder
  • The platform enables instant conversion between PYUSD, USDP, USDC, and fiat like USD.
  • It supports refunds by converting and sending them to the original wallet on Solana, Ethereum, and Polygon.
paxos

Paxos, a blockchain and tokenization infrastructure provider, has launched a new stablecoin payments platform. This platform powers Stripe’s Pay with Crypto product, enabling merchants to accept stablecoin payments more easily.

Paxos' infrastructure provides a full solution for onboarding, payins, conversions, and payouts, aimed at accelerating the processes for payments providers.

Stablecoin Payments Lower Costs

Ronak Daya, Head of Product at Paxos
Ronak Daya, Head of Product at Paxos, Source: Paxos

Stablecoin payments offer businesses a global payment method that reduces costs and simplifies money transfers. They provide an alternative to traditional card and wallet payments , often with lower fees and faster processing times. As cross-border digital payments grow, stablecoins are becoming a key player in the payment landscape.

“Stablecoins are the future of payments and money movement, commented Ronak Daya, Head of Product at Paxos.

“Adoption and utility will continue to grow as enterprises recognize how stablecoins provide instant, safe and low-cost settlement globally; all meaningful improvements relative to legacy payment rails. Our new stablecoin payments offering gives enterprises the infrastructure to onboard clients, power pay-ins and payouts and move money globally.”

Facilitating Merchant Transactions

John Egan, Head of Crypto at Stripe
John Egan, Head of Crypto at Stripe, Source: LinkedIn

The Paxos platform allows instant conversion between USD and stablecoins like PYUSD, USDP, and USDC. Merchants can choose to convert stablecoin payments to fiat currency or keep them as stablecoin balances.

Paxos also supports refunds by converting fiat into the original stablecoin and sending it directly to the payer’s wallet. This system supports PYUSD and USDP transfers via the Solana and Ethereum networks, and USDC on Ethereum, Solana, and Polygon.

John Egan, Head of Crypto at Stripe, added: “We’re always looking for ways to make it easier and cheaper for businesses to accept payments from their customers worldwide. Partnering with Paxos, we’re excited to enable stablecoin payments for our users with our Pay with Crypto product.”

Paxos, a blockchain and tokenization infrastructure provider, has launched a new stablecoin payments platform. This platform powers Stripe’s Pay with Crypto product, enabling merchants to accept stablecoin payments more easily.

Paxos' infrastructure provides a full solution for onboarding, payins, conversions, and payouts, aimed at accelerating the processes for payments providers.

Stablecoin Payments Lower Costs

Ronak Daya, Head of Product at Paxos
Ronak Daya, Head of Product at Paxos, Source: Paxos

Stablecoin payments offer businesses a global payment method that reduces costs and simplifies money transfers. They provide an alternative to traditional card and wallet payments , often with lower fees and faster processing times. As cross-border digital payments grow, stablecoins are becoming a key player in the payment landscape.

“Stablecoins are the future of payments and money movement, commented Ronak Daya, Head of Product at Paxos.

“Adoption and utility will continue to grow as enterprises recognize how stablecoins provide instant, safe and low-cost settlement globally; all meaningful improvements relative to legacy payment rails. Our new stablecoin payments offering gives enterprises the infrastructure to onboard clients, power pay-ins and payouts and move money globally.”

Facilitating Merchant Transactions

John Egan, Head of Crypto at Stripe
John Egan, Head of Crypto at Stripe, Source: LinkedIn

The Paxos platform allows instant conversion between USD and stablecoins like PYUSD, USDP, and USDC. Merchants can choose to convert stablecoin payments to fiat currency or keep them as stablecoin balances.

Paxos also supports refunds by converting fiat into the original stablecoin and sending it directly to the payer’s wallet. This system supports PYUSD and USDP transfers via the Solana and Ethereum networks, and USDC on Ethereum, Solana, and Polygon.

John Egan, Head of Crypto at Stripe, added: “We’re always looking for ways to make it easier and cheaper for businesses to accept payments from their customers worldwide. Partnering with Paxos, we’re excited to enable stablecoin payments for our users with our Pay with Crypto product.”

About the Author: Tareq Sikder
Tareq Sikder
  • 1095 Articles
  • 14 Followers
About the Author: Tareq Sikder
A Forex technical analyst and writer who has been engaged in financial writing for 12 years.
  • 1095 Articles
  • 14 Followers

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