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Stripe is piloting a new crypto payouts feature with Twitter, letting creators on the social media app collect their earnings in the USDC stablecoin.
From today, eligible users of Twitter’s Ticketed Spaces and Super Follows monetisation products will be able to receive their earnings in USDC, the stablecoin issued by Circle.
Payouts will take place over the Polygon network, which Stripe say it chose for its low fees, speed, integration with Ethereum, and wallet compatibility with the likes of MetaMask, Coinbase Wallet and Rainbow.
Once creators receive their earnings, they can hold their balance on Polygon, or choose to bridge to Ethereum and exchange it into another currency.
Stripe says it plans to add support for additional rails and payout currencies over time and to bring the service to other businesses.
“No code changes are required, and platforms can avoid taking on the challenges of acquiring, storing, or transferring crypto themselves,” says a blog.
The offering is part of Stripe Connect, which already lets businesses around the world programmatically send payouts to in local currencies.
While Connect already covers over 70 local currencies, Stripe says that many countries remain out of reach “in part due to the intrinsic complexity involved in supporting heterogeneous local payments systems”.
Crypto, Stripe says, helps to address this.
Financial Services
