Stripe Allows Cryptocurrency Payments in Twitter

Written by C, Fiona

Last updated: 2022-04-25

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Twitter will launch a new service that will allow some of its creators to receive revenue in USDC stablecoin.

Cooperation Between Stripe and Twitter

Online payment processor Stripe said Friday that it will allow businesses, starting with Twitter, to begin paying customers in cryptocurrency.

Payments will be made in USDC, a stablecoin whose value is pegged to the U.S. dollar. Rather than being mined by a computer, as traditional cryptocurrencies are, stable coins are pegged to fiat currencies to maintain a stable price.

Twitter will pilot a new option that will allow some people who charge their followers for premium content to be paid in cryptocurrency. twitter already uses Stripe’s Connect service to pay creators. Those who opt in to the new feature now will be able to send their earnings to a cryptocurrency wallet.

Stripe’s cryptocurrency payments will be made through the Polygon network, which the company says it chose for its low fees, speed, integration with Ethereum and broad compatibility. Once creators receive their earnings, they can hold their balances on Polygon or choose to bridge to Ether and exchange it for other currencies, Stripe said.

Stipe said it plans to add support for other payment “tracks” and payment currencies over time.