It only supports USD Coin for now
Stripe is testing a way for users to receive their payouts in cryptocurrency, starting with “a select group of creators on Twitter.” Creators who earn money through monetization features on the platform can now get their earnings in USD Coin (USDC) — a “stablecoin” cryptocurrency tied to the US dollar.
Stripe is piloting the crypto payout option through the company’s payment processor, Stripe Connect, that customers can integrate into their online platform or marketplace. Crypto payouts will occur over the Polygon network, a blockchain tied to Ethereum that allows for faster and more efficient transactions. After receiving their funds, users can choose to store their earnings in Polygon or exchange it for another currency. While Stripe says it will “initially” support payouts in USDC, it plans on adding “support for additional rails and payout currencies” in the future.
Stripe also says it hopes to support crypto payouts in over 120 countries by the end of this year, but it’s unclear when it plans on expanding 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 wasn’t always on board with crypto. In 2018, it dropped support for Bitcoin payments, citing that customers just weren’t that interested in using it.
“We’re focused on helping creators who drive those conversations earn money and connect with their audiences in new ways,” said Esther Crawford, the product lead for creators at Twitter. “We’re excited to begin offering crypto payouts to creators via Stripe so they have more choice in how they get paid.”
Twitter recently started testing a creator dashboard on iOS, letting users keep track of their earnings, which they can only withdraw once they’ve earned $50. So far, Twitter has limited options for creators to make money. Followers can pay to gain access to Ticketed Spaces, purchase Super Follows, or sign up for a creator’s paid newsletter.
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