In a move that aims to simplify cross-border compensation for its clients, global payroll provider Remote is now allowing United States-based companies it serves to pay their contractors in 69 countries using USD Coin (USDC). This new option is an extension of Remote’s offerings in conjunction with payment provider Stripe.
Stablecoin Payments Complement Remote’s Automation Features
According to Remote’s announcement, the addition of USDC payments complements its powerful automation features for onboarding, invoicing, and paying contractors. The company emphasizes that contractor management capabilities are growing rapidly, reflecting a post-COVID shift in global hiring models.
What is USD Coin (USDC)?
USD Coin (USDC) is a dollar-pegged stablecoin issued by Circle, a leading digital currency issuer. It allows recipients to store value in the US currency, which provides a hedge against inflation and other economic instability in many countries.
Base Wallet Address for Receiving USDC
Contractors can receive USDC payments directly into their Base wallet address, which is part of the Coinbase layer-2 network launched in August 2023. Remote’s employer customers will pay for the service in US dollars, eliminating any currency conversion risks or fees associated with traditional bank transfers.
Comment from Remote Co-Founder and CEO Job van der Voort
"We’re adding a feature that has been highly requested by our customers," said Remote co-founder and CEO Job van der Voort. "This enables them to pay contractors in the way they prefer, while maintaining the compliance and simplicity that Remote is known for."
Benefits of USD Coin Payments
The dollar-pegged USDC makes it possible for recipients to store value in the US currency, which provides a hedge against inflation and other economic instability. Stripe allows accounts to be settled nearly instantly rather than waiting on bank transfers and foreign exchange procedures.
Related Article: Paxos Debuts New Stablecoin Payment Platform with Stripe
In related news, Paxos debuted its new stablecoin payment platform in conjunction with Stripe earlier this year. This move marked a significant step towards mainstream adoption of crypto payments services.
Stripe’s History with Crypto Payments
Stripe has a history of offering crypto payment options to its customers. In 2014, it became the first major payment service provider to offer Bitcoin (BTC) as a payment option. However, in 2018, Stripe discontinued its BTC payment option and remained without any crypto services until summer 2024.
Agreement with Coinbase for USDC Support on Base
In June of this year, Stripe reached an agreement with Coinbase on USDC support on the Base layer-2 network. This paved the way for Remote to offer USD Coin payments as a seamless and efficient solution for its clients.
Stripe’s Reinitiation of USDC Payments
After a brief absence from the crypto payment space, Stripe reinitiated its USDC payment services in October, offering an instant settlement option for accounts using the dollar-pegged stablecoin.
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