Payment giant Stripe has united with global payroll provider Remote to offer USD Coin (USDC) payments to contractors in 69 countries. Companies based in the U.S. can for the first time pay international workers in stable coin through service provided through Remote’s platform and Stripe’s infrastructure.
Contractors can use the new payment option, which was announced on Monday, to receive their payments in USDC through their Base wallet address. Coinbase developed base, a layer 2 blockchain network launched in August, 2023. U.S. companies settle their payments with traditional U.S. dollars, while contractors receive payments in stablecoin.
USDC Shields Against Inflation
Dollar-pegged USDC benefits because it protects the recipient from inflation in economically unstable regions, said Remote CEO Job van der Voort. Payments processed through Stripe also settle on near-instantly, skipping the latency that comes with a bank transfer or a foreign currency process.
“We’re adding a feature that has been highly requested by our customers, enabling them to pay contractors how they prefer, while maintaining the compliance and simplicity Remote is known for.”
Remote says in its statement that ‘Stablecoin payments augment Remote’s automation tools for onboarding, invoicing and paying contractors.’ The expansion fits in with the post pandemic increase in global hiring, where company’s are increasingly relying on remote contractors.
Local currencies have been the main focus of Remote and Stripe’s payments before this launch, with only a handful of European currencies supported. The platform now reaches for USDC as a faster and more stable payment method for cross border transaction.
In October, Stripe reintroduced USDC services alongside Coinbase as the cryptocurrency company re-enters the space with payments on Bitcoin pausing in 2018. That’s not the first time it’s been a supporter of crypto payments, however; Remote is the latest нескольких aparatrov, following from Coinbase.
Although USDC is hugely popular, Bitcoin remains a favorite for payroll, with support from celebrities and politicians alike. But USDC’s stability, along with near instant processing, may better appeal to contractors who require reliability rather than Bitcoin’s volatility.
Remote’s latest move serves as yet another indication of blockchain technology’s growing intersection with mainstream financial services as stablecoin use expands in the global payroll world, and on the global contractor management front, where preferences are evolving.
