Paxos Launches New Payment Platform: Paxos, the issuer of Pax Dollar (USDP), has launched an innovative payment platform aimed at accelerating the adoption of stablecoins in the payments industry. The system, revealed on October 15, is designed specifically for payment service providers (PSPs) and fintech companies, making it easier to integrate stablecoin payments for their customers.
A Game-Changer for Payment Service Providers
The newly introduced platform promises to deliver faster, cheaper transactions compared to traditional payment methods. Paxos has announced that Stripe, a leading global payment processor, will be the first to incorporate this platform into its systems.
According to Paxos, “Stripe’s Pay with Crypto product is powered by Paxos’ stablecoin payments infrastructure, making it easier for merchants to accept stablecoin payments.” This integration marks a significant step in bringing stablecoin payments to a mainstream audience.
Introducing our new Paxos Stablecoin Payments platform! We’ve made it easier than ever for payments platforms and businesses to accept stablecoin payments with:
✅ Faster settlement
✅ Streamlined onboarding
✅ Instant conversion between USD and USDP, PYUSD, and USDCWe’re…
— Paxos (@Paxos) October 15, 2024
Supported Stablecoins and Blockchain Networks
Currently, the platform supports three major stablecoins:
- Pax Dollar (USDP)
- PayPal USD (PYUSD)
- USD Coin (USDC)
Merchants can choose to receive payments directly in stablecoins or convert them into traditional cash. Additionally, the platform facilitates seamless refunds by allowing merchants to convert cash back into the original stablecoin and return it to the customer’s digital wallet.
The Paxos system operates on popular blockchain networks, including:
- Ethereum
- Solana
- Polygon
This wide compatibility makes the platform accessible to a broad range of businesses, especially those already familiar with these networks.
U.S. Launch, with Global Expansion on the Horizon
For now, the payment platform is only available to businesses in the United States. However, Paxos has plans to expand its services internationally in the future.
The Future of Payments: Paxos’ Vision
Ronak Daya, Head of Product at Paxos, emphasized the long-term potential of stablecoins in a press release. “Stablecoins are the future of payments and money movement,” Daya said. He also highlighted the platform’s ability to power both pay-ins and payouts, offering enterprises a robust infrastructure to onboard clients and move money globally.
Key Takeaways for Businesses
- Faster and cheaper transactions: A key advantage over traditional payment methods.
- Stablecoins in focus: Merchants can now accept and refund payments in stablecoins, simplifying transactions.
- Blockchain compatibility: Operates across Ethereum, Solana, and Polygon networks.
- Stripe partnership: Paxos’ platform is integrated into Stripe’s Pay with Crypto product, marking a major milestone for stablecoin payments.
This new offering from Paxos signals a turning point in the adoption of stablecoins within the global payments industry, providing businesses with an efficient, secure, and scalable solution for accepting cryptocurrency.