Payouts will first be supported in USD Coin (USDC), a stablecoin pegged to the US dollar, and will take place over the Polygon network.
Elon Musk is betting his $43bn bid for Twitter will not only come off but, long term, will also deliver a financial return. Maybe crypto, something he has previously backed, could be its next revenue channel.
Fintech giant Stripe has today launched global cryptocurrency payouts, testing via “a select group of US creators” on Twitter, Stripe’s first crypto payouts partner. The move will operate via cryptocurrency-based rails so creators can collect their earnings from Twitter.
Payouts will first be supported in USD Coin (USDC), a stablecoin pegged to the US dollar, and will take place over the Polygon network. Creator earnings will be paid into Polygon-compatible wallets like Metamask, Coinbase Wallet, or Rainbow Wallet.
Creators can hold their earnings as USDC or ultimately convert them into a local currency.
"We built Stripe Connect in part to solve this problem. Today, businesses around the world use Connect to programmatically send payouts to over 70 countries in local currencies,” said Stripe’s crypto product manager Karan Sharma, in a blog post.
“While we are continuously expanding our geographic coverage, many countries remain out of reach in part due to the intrinsic complexity involved in supporting heterogeneous local payments systems. Unfortunately, this makes participation in the online economy harder for many of those who stand to benefit most,” he added.
Stripe says it believes cryptocurrency-based platforms could be the key to unlocking broader access to payouts and by the end of 2022, it plans to support crypto payouts in more than 120 countries.