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On June 27, an announcement revealed a partnership between Coinbase and Stripe. The new integration will support USD Coin as part of Stripe’s crypto payments. This will also enable fast money transfers in over a hundred countries. In return for Stripe’s innovation, Coinbase will use Stripe’s fiat-to-crypto system for crypto purchases via credit cards and Apple Pay.
Stripe and Crypto History
Earlier this year, Stripe co-founder and president John Collison highlighted important points. During the Sessions conference, the company promised participants that stablecoins would return to Stripe.
In 2014, Stripe became one of the first payment systems to offer Bitcoin services. However, it later withdrew its support for Bitcoin. Collison explained that this decision was due to Bitcoin being “a pretty terrible payment method” at the time.
After Collison’s announcement about Stripe’s return to cryptocurrencies, Avalanche C-Chain support was also announced for verified Stripe customers. This integration paved the way for Stripe users to trade AVAX.
Current Situation at Coinbase
For a long time, there has been significant prejudice and pressure from political institutions in the United States towards cryptocurrencies. During this period, the strict stance of regulators on centralized exchanges, crypto providers, and stablecoins created major concerns and uncertainties.
An example of this is Stripe’s withdrawal from Facebook’s Libra project due to government pressures.
On June 27, Coinbase took a significant step by filing a lawsuit against the Securities and Exchange Commission (SEC) and the Federal Trust and Deposit Corporation (FDIC). Additionally, they claimed that state institutions were not sharing necessary information under the Freedom of Information Act (FOIA).
The lawsuit centers on the SEC’s stance on Ethereum. Coinbase pointed to the process where Ethereum was excluded from being considered a security, unlike Ripple’s native token XRP, and questioned the materials the regulator used for this determination.
