Paxos, a major blockchain company behind the Pax Dollar stablecoin, is taking a bold step to push stablecoin adoption in the payments industry. On October 15, Paxos launched a new enterprise-grade stablecoin payment platform aimed at payment service providers (PSPs) and fintech companies. The platform allows seamless integration of stablecoin payments into existing systems, enabling faster, more cost-effective global transactions.

In a groundbreaking move, global payment giant Stripe became the first PSP to integrate Paxos’ infrastructure into its “Pay with Crypto” product. This will allow users to accept stablecoin payments and settle them in fiat currencies like the US dollar, transforming how payments are processed worldwide.

Paxos is focusing on enabling PSPs and fintech companies to embed stablecoin payments directly into their platforms. Businesses can either receive payments in stablecoins or convert them into fiat currency using Paxos’ system. Currently, the platform supports Pax Dollar (USDP), PayPal USD (PYUSD), and Circle’s USD Coin (USDC), with plans for further expansion.

At launch, the platform is available in the U.S., but Paxos has its sights set on international markets, offering global businesses a way to accept payments from anywhere. Stripe, already a leader in global payments, supports pay-ins from over 70 countries.

This new infrastructure is designed to handle payment functions across onboarding, custody, and transactions, with a regulatory-first approach. Merchants can also issue refunds by converting fiat into stablecoins and sending them back to the original wallet.

As the stablecoin market continues to grow, with a market cap surpassing $170 billion, Paxos is set to play a crucial role in shaping its future.