Coinbase and Stripe have recently announced a collaborative effort to enhance the accessibility of fiat-to-crypto transactions for their user base, as revealed on June 27. This partnership introduces the integration of USD Coin (USDC) into Stripe’s crypto payout system on Base, enabling expedited international transfers and the settlement of fiat equivalents in over 150 countries.
Additionally, USDC will be incorporated into Stripe’s fiat-to-crypto conversion service, streamlining the process for customers to exchange fiat currency for digital assets. In a reciprocal move, Coinbase is adopting Stripe’s conversion service, providing its users with the option to acquire cryptocurrencies using credit cards and Apple Pay.
Stripe Delivers on Prior Commitments
At the outset of this year, Stripe’s co-founder and president, John Collison, assured attendees at the company’s Sessions conference of the impending reintroduction of stablecoins to Stripe’s platform.
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Attribution:
John Collison
Previously, Stripe was among the pioneering payment processors to incorporate Bitcoin (BTC) services in 2014. However, the support was subsequently withdrawn, with Collison attributing the decision to Bitcoin’s inefficiency as a payment method at the time.
Coinciding with Collison’s announcement regarding Stripe’s re-engagement with cryptocurrency, the platform also commenced support for the Avalanche C-Chain for its verified clientele. This development permitted Stripe users to procure Avalanche (AVAX) tokens via the fiat-to-crypto gateway.
Coinbase Takes a Proactive Stance
The regulatory environment in the United States has posed challenges to the advancement of cryptocurrency innovation in recent years. Centralized exchanges, digital asset facilitators, and stablecoins have faced increased scrutiny from regulatory bodies. Stripe’s previous involvement with Facebook’s Libra initiative was curtailed due to governmental pressures.
On June 27, Coinbase initiated legal action against the Securities and Exchange Commission (SEC) and the Federal Trust and Deposit Corporation (FDIC). The lawsuits claim that these agencies did not comply with the Freedom of Information Act (FOIA) in providing necessary documentation.
Central to the legal dispute is the SEC’s exclusion of Ether (ETH) from its classification of unregistered securities, a category that includes Ripple’s XRP (XRP), and the decision-making process behind this determination.
Furthermore, Coinbase has established the “Stand with Crypto” political action committee (PAC) in the U.S., advocating for the cryptocurrency sector and its stakeholders. In June, the PAC disclosed that it had garnered support from over 1 million cryptocurrency proponents.
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