Stripe Introduces USDC Recurring Payments on Polygon and Base Blockchains
Stripe has launched recurring subscription payments using USD Coin for U.S. businesses. This service, initially on Polygon and Base blockchains, targets companies with recurring revenue models like AI platforms and Web3 services.
- Utilizes a smart contract for automated crypto wallet transactions, reducing manual efforts.
- The security of this mechanism is pending audits by independent firms.
Stripe's subsidiary, Bridge, has applied for a national bank trust charter with the US Office of the Comptroller of the Currency (OCC), joining industry players like Circle and Ripple in seeking federal regulation within the stablecoin sector.
Stablecoin Ecosystem Development
- Stripe introduced "Open Issuance" at its New York showcase, allowing businesses to launch their own stablecoins.
- The company focuses on developer-friendly products, supporting firms in creating financial services without managing payment complexities.
The stablecoin market cap exceeds $293 billion, with monthly transfer volumes of $3.7 trillion. Stripe aims to capture a significant share of this growing market with its multi-faceted strategy.