From XU Magazine, 
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Expanding global payouts with crypto

May 4, 2022

Creators, freelancers, sellers, and solopreneurs are building and creating all over the world. While it’s easier than ever before to find customers and fans, getting paid can still be difficult, especially outside of major markets.

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. 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.

While the “store of value” aspects of cryptocurrencies typically receive the most attention, we view the prospect of “open-access global financial rails” as being at least equally compelling. As a result, we’ve been exploring ways to use cryptocurrency-based platforms to unlock broader access.

Today, we’re introducing crypto payouts for Connect. With crypto payouts, a select group of creators on Twitter—our first partner—will be able to use cryptocurrency-based rails to receive their earnings from Twitter.

Piloting crypto payouts with Twitter

Twitter already uses Connect to pay creators their earnings from Twitter’s monetization products, including Ticketed Spaces and Super Follows. With crypto payouts for Connect, Twitter will make it possible for creators who opt in to have their earnings paid out to a cryptocurrency wallet. Stripe will handle all crypto-related complexity and operations. No code changes are required, and platforms can avoid taking on the challenges of acquiring, storing, or transferring crypto themselves.

Twitter is where people go to have conversations about what’s happening. We’re focused on helping creators who drive those conversations earn money and connect with their audiences in new ways. We’re excited to begin offering crypto payouts to creators via Stripe so they have more choice in how they get paid.Esther Crawford, Product Lead for Creators, Twitter

Stripe will initially support payouts in USDC, a stablecoin pegged to the US dollar. This will enable many people who wouldn’t otherwise be able to hold dollars to do so. Payouts will take place over the Polygon network, which we chose for its low fees, speed, integration with Ethereum, and broad wallet compatibility (including MetaMask, Coinbase Wallet, and Rainbow). Once creators receive their earnings, they can hold their balance on Polygon, or choose to bridge to Ethereum and exchange it into another currency. We plan to add support for additional rails and payout currencies over time.

Getting started with crypto payouts using Connect

Crypto payouts are built on Connect, giving platforms an easy way to onboard, manage, and pay out to users. Creators and freelancers who opt to be paid in crypto will pass through Stripe’s normal onboarding flows. Stripe will perform comprehensive KYC, and the flow will dynamically adapt as cryptocurrency regulations evolve. Creators can easily manage their account details, track earnings in real time, and see upcoming payouts with the Stripe Express app.

Expanding our Global Payments and Treasury Network

The Global Payments and Treasury Network (GPTN) is Stripe’s infrastructure and service architecture that enables global, programmable money movement. With the addition of crypto payouts, we are extending the GPTN beyond traditional rails. We’re excited about what this represents and about the potential for cryptocurrencies to help solve real-world problems, especially outside of major markets. By the end of the year, we plan to support crypto payouts in more than 120 countries.

We’re eager to share this capability with more platforms in the weeks ahead. For more information, visit stripe.com/crypto. To learn more about the integration and how to request access to the beta, view our Crypto Payouts Integration Guide. If you’re interested in tackling these complex challenges, come work with us to make crypto more accessible and useful worldwide.

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