Payment service Stripe is making a significant return to the cryptocurrency space, announcing its plans to reintroduce crypto payments in the form of stablecoins. Co-founder and president John Collison unveiled this development at the company’s developers conference in San Francisco on April 25, stating that the new service is set to be available this summer.

Collison highlighted the evolution of cryptocurrencies since Stripe discontinued its Bitcoin payment option in 2018. He noted that transaction times have improved, fees have decreased, and stablecoins have emerged as a reliable option. According to Collison, this makes crypto a more viable means of exchange than before.

Speaking about stablecoins, Collison expressed admiration for their stability, particularly focusing on USD Coin (USDC). He emphasized USDC's value as a store of value, highlighting its dollar peg and stability compared to other currencies like the Turkish lira. Stripe's new crypto payment service will utilize USDC and will be compatible with the Solana, Ethereum, and Polygon blockchains.

During his presentation, Collison demonstrated a transaction using stablecoins, showcasing the seamless payment experience that Stripe aims to offer. Stripe was the first major payment provider to adopt Bitcoin in 2014 but discontinued the option four years later due to its limitations as a payment method at the time.

Despite discontinuing Bitcoin payments, Stripe remained involved in the crypto space. The company participated in Facebook's Libra project, now known as Diem, before withdrawing due to regulatory pressure. Stripe began rebuilding its crypto engineering team in 2021, indicating its ongoing interest in the sector.

Stripe's decision to reintroduce crypto payments comes after its collaboration with X (formerly Twitter) in 2022, enabling creators on the social platform to receive payments in USDC on the Polygon blockchain. Additionally, Stripe implemented fiat-to-crypto on-ramps for U.S. customers through APIs, following the lead of platforms like Venmo and Robinhood.

With the revival of its crypto payment service, Stripe is poised to re-enter the cryptocurrency market and provide users with a more seamless and efficient way to transact using stablecoins.