Originally published on: October 15, 2024
Paxos, the innovative blockchain company behind the Pax Dollar stablecoin, is shaking up the payments industry with its cutting-edge enterprise-grade infrastructure. Their new stablecoin payment platform is set to transform the way payment service providers (PSP) and fintech companies facilitate stablecoin transactions.
In an exciting announcement on Oct. 15, Paxos revealed that global payment giant, Stripe, will be the first PSP to integrate Paxos’ infrastructure into its payment system. This collaboration marks a significant milestone in expanding stablecoin adoption in the payments landscape.
Paxos’ platform offers a seamless pay-ins workflow that supports stablecoins and fiat currencies. With a focus on providing faster and lower-cost global payments, the platform features an application programming interface (API) infrastructure designed to revolutionize traditional payment methods.
“We’re thrilled to partner with PSPs, fintechs, and other providers to embed this innovative infrastructure into their systems,” a Paxos spokesperson shared with Cointelegraph. This strategic approach allows merchants and PSPs to customize their payment preferences, whether receiving stablecoins or converting funds into fiat currency through Paxos.
Currently available in the United States, Paxos’ stablecoin platform supports conversions between the US dollar and three stablecoins: Pax Dollar (USDP), PayPal USD (PYUSD), and Circle’s USD Coin (USDC). Plans are in place to expand beyond the US dollar, emphasizing the platform’s global accessibility.
Onboarding to the platform involves setting up a wallet with Paxos, enabling businesses to accept payments from anywhere. Through seamless integrations, users can leverage the power of stablecoins for efficient and cost-effective transactions.
Once a stablecoin payment is received, users have the flexibility to convert funds to fiat currency or send stablecoins directly to merchants. The platform supports on-chain transfers through networks like Solana, Ethereum, and Polygon, ensuring secure and efficient transactions.
Paxos’ innovative approach to payments highlights the company’s commitment to regulatory compliance and user experience. With the stablecoin industry gaining momentum, Paxos’ launch of the new platform with Stripe signifies a new era of possibilities in the payments ecosystem.
As the stablecoin market continues to flourish, with Tether leading the way, the introduction of game-changing solutions like Paxos’ stablecoin payment platform marks a significant step towards a more seamless and efficient payment landscape. Join the revolution and experience the future of payments with Paxos and Stripe’s groundbreaking partnership.
