Paxos revealed a new solution for payment service providers (PSP) and FinTech companies that want to process transactions in stablecoins. The first customer to implement the Paxos solution is Stripe, one of the leaders in online payments.
Paxos, a regulated blockchain platform and issuer of the Pax Dollar (USDP) stablecoin, announced the launch of a solution for corporate customers looking to accept and process payments in stablecoins. Paxos’ API solution will firstly be used by payment provider Stripe in its Pay with Crypto product.
The Paxos solution will enable PSPs and FinTech companies to integrate into their systems the ability to use USDP, PYUSD, and USDC stablecoins on Solana and Ethereum to receive payments, as well as make payments and refunds. According to Ronak Daya, Head of Product at Paxos, the use of stablecoins reduces the need for bank intermediaries, which speeds up payments and lowers transaction costs. He also emphasized that Paxos’ solution will offer corporate customers faster and more cost-effective ways to process cross-border transactions.
The new solution allows businesses to not only receive payments in stablecoins but also decide whether to convert them into fiat currency for future use. “Once a stablecoin payment is received via Paxos, users can choose whether to immediately convert to fiat currency and settle in local currency, or pay out stablecoin balances directly to merchants. Merchants will have the ability to issue refunds by instantly converting fiat into the stablecoin originally used, then sending directly to the wallet used in the initial payment,” explains Charles Cascarilla, CEO and Co-Founder of Paxos.
In 2024, stablecoins grew significantly in popularity and are actively used for international remittances, trade, and payments in emerging markets, raising concerns among policymakers about their impact on the global economy.
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