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Paxos has introduced a new solution aimed at payment service providers (PSP) and FinTech firms that wish to handle transactions in stablecoins. The initial client to adopt the Paxos solution is Stripe, a prominent player in the online payments sector.
Paxos, a regulated blockchain platform and the issuer of the Pax Dollar (USDP) stablecoin, has announced the rollout of a solution for corporate clients seeking to accept and process payments in stablecoins. The API solution from Paxos will initially be utilized by payment provider Stripe within its Pay with Crypto offering.
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This Paxos solution will allow PSPs and FinTech companies to incorporate the capability to use USDP, PYUSD, and USDC stablecoins on Solana and Ethereum for receiving payments, as well as for making payments and issuing refunds. Ronak Daya, Head of Product at Paxos, noted that utilizing stablecoins minimizes the reliance on banking intermediaries, which accelerates payment processing and reduces transaction fees. He also highlighted that Paxos’ solution will provide corporate clients with quicker and more economical methods for handling cross-border transactions.
The innovative solution enables businesses to not only accept payments in stablecoins but also to choose whether to convert them into fiat currency for later use. “Once a stablecoin payment is received via Paxos, users can opt to immediately convert to fiat currency and settle in local currency, or directly pay out stablecoin balances to merchants. Merchants will have the capability to issue refunds by swiftly converting fiat into the stablecoin originally utilized, then transferring it directly to the wallet used for the initial payment,” explains Charles Cascarilla, CEO and Co-Founder of Paxos.
In 2024, stablecoins have seen a notable increase in adoption and are being actively utilized for international remittances, trade, and payments in emerging markets, prompting concerns among policymakers regarding their influence on the global economy.
Сообщение Paxos Launches Corporate Solution for Stablecoin Payments появились сначала на CoinsPaid Media.
