On June 27, Coinbase and Stripe announced a partnership to introduce fiat-to-crypto on-ramps and off-ramps for their users. This collaboration will support USD Coin (USDC) on Base as part of Stripe’s crypto payouts, enabling faster cross-border remittances and fiat-equivalent settlements across 150 countries.
USDC will be featured in Stripe’s fiat-to-crypto on-ramp, simplifying the process for customers converting fiat to digital assets. Similarly, Coinbase will integrate Stripe’s fiat-to-crypto on-ramp, allowing users to purchase crypto with credit cards and Apple Pay.
Fulfilling Earlier Promises
Earlier this year, John Collison, Stripe’s co-founder and president, announced at the Sessions conference that stablecoins would be reintroduced to Stripe.
Previously, Stripe was one of the first payment processors to offer Bitcoin (BTC) services in 2014 but later discontinued support due to Bitcoin’s inefficiency as a payment method at the time. Around the same period as Collison’s announcement, Stripe also introduced support for the Avalanche C-Chain for verified users, allowing the purchase of Avalanche (AVAX) tokens via its fiat-to-crypto on-ramp.
Coinbase’s Strategic Moves
In recent years, the regulatory environment in the United States has hindered crypto innovation, with centralized exchanges, digital asset providers, and stablecoins facing increased scrutiny. Stripe had previously withdrawn from Facebook’s Libra project due to government pressure.
On June 27, Coinbase filed lawsuits against the Securities and Exchange Commission (SEC) and the Federal Trust and Deposit Corporation (FDIC), accusing them of failing to provide necessary information under the Freedom of Information Act (FOIA). The lawsuit focuses on the SEC’s decision to exclude Ether (ETH) from the list of cryptocurrencies it considers unregistered securities, unlike Ripple’s XRP (XRP), and the rationale behind this decision.
Coinbase has also launched the “Stand with Crypto” political action committee (PAC) to advocate for the crypto industry. In June, the PAC reported achieving 1 million signatures from crypto supporters.
Source: John Collison
Related:
Coinbase sponsors WNBA cup, hosts fans at women’s sports bars
.
Magazine:
Pro-XRP lawyer John Deaton ‘10x more into BTC, 4x more into ETH’: Hall of Flame
.