Paxos, the regulated blockchain and tokenization infrastructure platform, introduced its new stablecoin payments platform.
Stripe’s Pay with Crypto product is powered by Paxos’ stablecoin payments infrastructure, making it easier for merchants to accept stablecoin payments.
As a regulated provider of blockchain infrastructure, Paxos’ stablecoin payments platform lets payments providers move faster by leveraging the complete solution stack for onboarding, payins, conversions and payouts.
Stablecoin payments unlock opportunities for businesses to accept and move money seamlessly by reducing costs and “expanding international reach by offering a truly global payment method.”
They are generally considered to be a “faster” as well as considerably more cost-effective alternative to traditional cards as well as payment wallets for most providers and businesses.
With digital, cross-border payments growing each year, stablecoins are positioned to help “fuel the next wave of payment innovation.”
Paxos supports instant conversions between USD and PYUSD, USDP and USDC for received “payments, payouts and refunds.”
Once a stablecoin payment is received via Paxos, users are able to easily choose whether to immediately convert to fiat currency and settle in local currency such as USD, or even make pay outs to stablecoin balances “directly to merchants.”
Merchants are to have the ability to issue refunds by seamlessly converting fiat into the stablecoin originally used, then “sending directly to the wallet used in the initial payment.”
This solution supports PYUSD and USDP via on-chain transfers through the Solana and Ethereum networks, as well as USDC via Ethereum, Solana and Polygon.
Ronak Daya, Head of Product at Paxos, said that stablecoins are the future of payments and money movement.
Daya added that adoption and utility will continue to grow as enterprises recognize how stablecoins provide instant, safe and low-cost settlement globally; all “meaningful improvements” relative to legacy payment rails.
They shared that that their new stablecoin payments offering gives enterprises the infrastructure to onboard clients, “power pay-ins and payouts and move money globally.”
John Egan, Head of Crypto at Stripe, stated that they are always looking for ways to make it easier and cheaper for businesses to “accept payments from their customers worldwide.”
Egan also noted that partnering with Paxos, we’re excited to enable stablecoin payments for our users with their Pay with Crypto product.
As covered, Paxos states that it is the regulated blockchain infrastructure and tokenization platform.
Its products are said to be the “foundation” for a new, open financial system that can operate faster and more efficiently.
Today, trillions of dollars are said to be “locked in inefficient, outdated financial plumbing” that is inaccessible to millions of people.
Paxos explains that is focused on “replatforming” the global financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.
Paxos partners with global enterprises in order to tokenize, custody and trade assets.
Its blockchain solutions are used by firms such as PayPal, Interactive Brokers, Mastercard, Mercado Libre and Nubank.
It is the issuer of regulated digital assets reportedly including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG).
