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Paxos, the company behind the Pax Dollar stablecoin, has introduced a new payment platform to boost stablecoin adoption in the payments industry. 
According to a <a href="https://www.prnewswire.com/news-releases/paxos-launches-new-stablecoin-payments-platform-302276303.html" target="_blank" rel="noreferrer noopener">press release</a> on Oct. 15, this new system is designed for payment service providers (PSPs) and fintech companies that want to offer stablecoin payments to their customers. 
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 Introducing our new Paxos Stablecoin Payments platform! We've made it easier than ever for payments platforms and businesses to accept stablecoin payments with: ✅ Faster settlement ✅ Streamlined onboarding ✅ Instant conversion between USD and USDP, PYUSD, and USDC We’re…— Paxos (@Paxos) <a href="https://twitter.com/Paxos/status/1846182137931739175?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">October 15, 2024</a>
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The new platform promises faster and cheaper transactions compared to traditional payment methods.&nbsp; 
Paxos announced that Stripe, a major global payment processing company, will be the first to integrate this platform into its system. Paxos stated that “Stripe’s Pay with Crypto product is powered by Paxos’ stablecoin payments infrastructure, making it easier for merchants to accept stablecoin payments.” 
Currently, the platform supports only three stablecoins: Pax Dollar (USDP), PayPal USD (PYUSD), and USD Coin (USDC). Merchants who want to use the platform can choose to receive payments in these stablecoins or convert them to cash. 
In addition, the system allows easy refunds. Merchants can convert traditional money back into the original stablecoin used for the payment and send it to the customer’s digital wallet. 
The platform works with popular blockchain networks like Ethereum, Solana, and Polygon, making it accessible to many businesses. 
However, the payment platform is only available in the United States, but Paxos plans to expand its services to more countries in the future. 
In the press release, Ronak Daya, Head of Product at Paxos, highlighted the advantages of stablecoins, saying, “Stablecoins are the future of payments and money movement.”&nbsp; 
He also noted that the “new stablecoin payments offering gives enterprises the infrastructure to onboard clients, power pay-ins and payouts and move money globally.” 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/10/09/crypto-com-takes-legal-action-against-sec/" target="_blank" rel="noreferrer noopener">Crypto.com Takes Legal Action Against SEC</a> 
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Paxos Launches New Stablecoin Payment Platform with Stripe

The Crypto Times

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