Twitter will allow creators to get paid on USDC stablecoin in partnership with Stripe

Fintech Stripe announced this Friday (22) a new service that will allow companies to pay their users through cryptocurrencies, more precisely, with the stablecoin USDC, issued by Circle.

The first partner to test the service will be Twitter, which will enable payments on stablecoin to some content creators.

Stripe Connect

According to a publication by Stripe, the solution called Stripe Connect aims to solve the problem of paying creators, freelancers, sellers and self-employed entrepreneurs who are building and creating all over the world.

“We are exploring ways to use cryptocurrency-based platforms to unlock wider access. Today, we are introducing cryptocurrency payments to Connect. With cryptocurrency payments, a select group of creators on Twitter – our first partner – will be able to use cryptocurrency-based rails to receive their Twitter earnings.”

As Stripe highlighted, Twitter already uses Connect to pay creators for their earnings from Twitter’s monetization products, including Ticketed Spaces and Super Follows.

Now, they will also be able to be remunerated in the second largest stableocin on the market.

Stripe will handle all the complexity and operations related to cryptocurrencies. Also, no code changes are required.

“Twitter is where people go to talk about what’s going on. We’re focused on helping content creators who drive these conversations make money and connect with audiences in new ways. We are excited to start offering cryptocurrency payments,” said Esther Crawford, Product Lead at Twitter.

Payments will take place on the Polygon network

Also according to Stripe, it will initially support payments in USDC, pegged to the dollar.

Payments will be made through the Polygon network. That’s because the network has lower fees, high speed, ETH integration, and broad wallet compatibility. This includes MetaMask, Coinbase Wallet and Rainbow.

Once creators receive their earnings, they can keep their balance on Polygon. Or, they can bridge to ETH and exchange it for another currency.

Stripe said it plans to add support for other networks and other cryptocurrency options over time.

Finally, the fintech said it will conduct a comprehensive “Know Your Customer” (KYC) and the flow will dynamically adapt as cryptocurrency regulations evolve.