Stripe abandoned cryptocurrency in 2014 after adding support for bitcoin, claiming that its wild price swings and increased costs made it useless as a method of payment.

President John Collison stated, "We're excited to announce that we're bringing back crypto as a way to accept payments, but this time with a much better experience," during the company's Global Internet Economy conference.

Starting this summer, merchants will be able to accept payments with stablecoins; however, at first, this feature will only be available for Circle's USDC on the Ethereum, Polygon, and Solana blockchains.

Collinson stated: "Crypto is starting to show true utility. Crypto is starting to make sense as a medium of exchange, with transaction speeds rising and costs falling."