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Stripe announces support for USDC payments, initially deployed on the Base chain
Stripe has announced a new payment solution, revealing that it will offer USDC stablecoin payment functionality via the X402 protocol. According to reports by BlockBeats, this new feature is already available on the Base chain and represents a significant step toward a new era of cryptocurrency payments.
Support on the Base Chain
The current focus is on Base, a layer 2 chain built by Coinbase. Stripe has enabled USDC payments on this chain through X402. This choice provides users with an alternative to traditional fiat currency. Product manager Jeff Weinstein announced this important development on social media in mid-February.
USDC Market Size and Trustworthiness
USDC is one of the most important stablecoins in the crypto market. Its current circulating market cap has reached $7.444 billion, with a 24-hour trading volume exceeding $19 million. By maintaining its peg to the US dollar, users can utilize USDC as a payment method without price volatility risks.
Future Expansion Plans
Stripe plans to gradually expand this payment support across multiple protocols, payment methods, cryptocurrencies, and blockchains. Leveraging the X402 payment framework is expected to diversify payment options further.
Industry Impact
The move by major payment company Stripe to fully support cryptocurrency payments marks a significant milestone in the practical adoption of blockchain technology. This could make crypto utilization more accessible to institutional investors and businesses, which had previously been limited.