Outside Source
The new service is available “starting with” US companies paying contractors in 69 countries.
News
Global payroll provider Remote is allowing the United States-based companies it serves to pay their contractors in 69 countries in USD Coin. The new option is an extension of Remote’s offerings in conjunction with payment provider Stripe.
Fast and stable compensation
“Stablecoin payments complement Remote’s powerful automation features for onboarding, invoicing, and paying contractors,” according to the company’s announcement. Contractor management capabilities are growing fast, the company said, reflecting a post-COVID shift in global hiring models.
Contractors can receive Circle’s USD Coin (USDC) on a Base wallet address. Base is the Coinbase layer-2 network launched in August 2023. Remote’s employer customers will pay for the service in US dollar fiat. Remote CEO and co-founder Job van der Voort said:
“We’re adding a feature that has been highly requested by our customers, enabling them to pay contractors how they prefer, while maintaining the compliance and simplicity Remote is known for.”
Dollar-pegged USDC makes it possible for recipients to store value in the US currency, which in many countries 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: Paxos debuts new stablecoin payment platform with Stripe
Stripe has returned to crypto
Previously, Remote payments provided through Stripe Connect were available in the recipient’s local currency only, aside from a few European currencies available to European recipients. Remote conducts Know Your Customer (KYC) verification during its contractor onboarding and Stripe conducts a separate KYC process.
Source: Marcelo Lebre
Stripe began offering USDC payment services in the summer of 2024. It had had no crypto services since 2018, when it discontinued its Bitcoin (BTC) payment option. It was the first major payment service provider to offer BTC when it adopted it in 2014.
Stripe reached an agreement with Coinbase in June on USDC support on Base. Stripe initiated its USDC payment service in October.
In spite of the rapidly increasing use of stablecoin, Bitcoin remains a competitor for salary payment. A variety of politicians and celebrities have publicized their desire to be paid in BTC.
Magazine: Big Questions: How can Bitcoin payments stage a comeback?
This article first appeared at Cointelegraph.com News
