Stripe is testing a way for users to receive their payouts in cryptocurrency, starting with “a select group of creators on Twitter.” Makers who make money through monetization features on the platform can now get their earnings in USD Coin (USDC) – a stablecoin cryptocurrency pegged to the US dollar.
Stripe is testing the crypto payout option through the company’s payment processor, Stripe Connect, which customers can integrate into their online platform or marketplace. Crypto payouts will be made through the Polygon network, a blockchain linked to Ethereum that will enable faster and more efficient transactions. After receiving their funds, users can choose to store their earnings in Polygon or exchange them for another currency. While Stripe says it will “initially” support payouts in USDC, it plans to add “support for additional rails and payout currencies” in the future.
Stripe also says it hopes to support crypto payouts in more than 120 countries by the end of this year, but it’s unclear when it plans to expand this feature to customers outside of Twitter. Last month, Stripe introduced fiat Payment Application Programming Interfaces (APIs), giving cryptocurrency businesses access to tools that make it easier to process payments. Stripe was not always on board with crypto. In 2018, it dropped support for Bitcoin payments, citing the fact that customers just weren’t that interested in using it.
“We’re focused on helping creators drive these conversations to monetize and connect with their audiences in new ways,” said Esther Crawford, product lead for creators at Twitter. “We are excited to offer crypto payouts to creators through Stripe, giving them more choice in how they get paid.”
Twitter recently started testing a creator dashboard on iOS, so users can track their earnings, which they can’t withdraw until they’ve earned $50. Until now, Twitter has limited opportunities for creators to make money. Followers can pay to access Ticketed Spaces, buy Super Follows, or sign up for a creator’s paid newsletter.