Stablecoins continue to make an impact on the cryptocurrency industry. Due to their pegged value, they have also become of broader interest to service providers globally. Twitter is looking to implement USDC support with the help of Stripe.
A Bold Move by Twitter
It is interesting to see how Twitter continues to focus on cryptocurrencies. After Jack Dorsey’s exit, many expected things to take a bad turn, but that isn’t the case. Instead, the social media giant will partner with Stripe to implement stablecoin payments. Interestingly, the company wants to work on USDC integration.
USDC is the Stablecoin issued by Circle and has become the second-largest stablecoin by market cap. Many people expected support for USDT, which has the highest market cap of all pegged currencies. However, USDT issuer Tether has received ample scrutiny regarding its financial reserves, associated transparency, and lack of audits.
Users of Twitter’s Ticketed Space and Super Follows can opt to receive their earnings in USDC. All transactions occur over Polygon rather than Ethereum, as Polygon is a far more efficient network overall. Low fees, speed, and integration with Ethereum make it the favorite choice for Stripe. However, recipients can bridge holdings to Ethereum if they want to.
Stripe will continue to explore additional payment rails and payout currencies. It is unclear if that will include other cryptocurrencies and stablecoins. Stripe Connect, the overarching service by Stripe, enables businesses to send payouts in local currencies. Currencies like USDC can bridge the gap in regions where such payments are not possible for regulatory or other reasons.