To help contractors working for companies billed in USD, we are introducing a new Crypto payout option, with the help of Stripe Connect. Contractors can now receive payments in USDC stablecoin, offering a more stable and flexible alternative to traditional currencies.
In this article, we will cover the following:
- Why choose USDC Crypto?
- Who is eligible for USDC payouts?
- Setting up USDC Crypto on Remote
- Frequently Asked Questions
- Additional Information
Why choose USDC Crypto?
USDC is a digital stablecoin pegged to the US dollar. It provides several benefits:
- Stability: Reduces the impact of currency fluctuations, providing peace of mind for contractors in volatile economies.
- Flexibility: USDC can be easily transferred and used online, giving you more control over your earnings.
- Speed: Payouts in USDC can be processed faster than traditional methods.
- Learn more
Who is eligible for USDC payouts?
To be eligible for USDC payouts, you must:
- Work for a company billed in USD
- Use the Stripe Connect platform for receiving payments & payout to your crypto wallet
- Reside in a supported country.
Important to note:
- Stripe currently supports only USDC for disbursement currency. They plan to expand to Bitcoin (BTC) and Ethereum (ETH) in the coming quarters.
- To receive payouts in USDC crypto, contractors should select the Crypto option (when available) rather than the Stripe option (which is for fiat currencies only). If the Crypto option isn't visible, it means the you aren’t eligible. Even if the option is visible, eligibility may still depend on the your residential address. View the full list of supported countries.
- A user can have either a Crypto account or a Stripe account, but not both simultaneously.
Setting up USDC Crypto on Remote
- Create a compatible crypto wallet. Ensure you have a crypto wallet that supports the Polygon Network. Popular options include MetaMask and other Ethereum-compatible wallets.
- If you haven't set up Stripe Connect, go to the Withdrawal Methods tab and click on Add withdrawal method.
- Choose the Crypto option. You will be prompted to create a Stripe Connect account. On Stripe, select the Crypto wallet option. For users with an existing Stripe withdrawal method, select Crypto and you will be prompted to go to your Stripe Account Settings to add the details of your Crypto wallet.
- Add your crypto wallet by providing the public address to your wallet.
- Enable the Polygon Network. Ensure your wallet is configured to operate over the Polygon Network. This allows you to receive and manage USDC effectively.
- Once you've set this up, from the Withdrawal methods tab, you'll see a list of all your withdrawal methods and you can set your Crypto wallet as your default withdrawal method.
Frequently Asked Questions
What is USD Coin (USDC)?
USD Coin (USDC) is a stablecoin pegged to the US dollar. It was USDC launched in 2018 on the Ethereum blockchain and has since expanded to several other chains. The Centre Consortium created USDC as a transparent alternative to Tether (USDT), focusing on clear USD backing.
For current USDC value, trends, and price history, visit the USDC price page. Each USDC token in circulation is backed by $1 USD in cash or cash equivalents, such as short-term U.S. Treasury bonds, held by regulated U.S. financial institutions. USDC's price stability makes it a safe haven for cryptocurrency traders during market volatility. It also enables more efficient cross-border value transfers in a stable digital currency compared to traditional finance methods.
USDC's utility is highlighted by its extensive ecosystem of holders and service providers, including decentralized applications (dApps) and crypto exchanges.
What are crypto payouts?
Crypto payouts allow you to receive your earnings in cryptocurrencies, starting with USDC. This provides a stable alternative to local currencies, especially useful in volatile economic conditions.
How do I sign up for crypto payouts on Remote?
In your Account settings, add a crypto wallet that supports the Polygon Network. Provide the public address of your wallet to start receiving payments in USDC.
What is a crypto wallet?
A crypto wallet allows you to send, receive, and store cryptocurrencies. It holds a key that proves ownership of the crypto stored on the blockchain. Your wallet's public address is visible on the blockchain, while the private key must be kept secure to prove ownership.
What cryptocurrencies are supported on Remote?
Currently, Stripe Express supports payouts in USDC crypto only.
How do I update my crypto wallet?
You can view and edit your payout account in the Account settings. If needed, contact Stripe Express support to confirm your identity and update your wallet.
How can I switch back to local currency payments?
Change your default payout method in the Account settings to a bank account or debit card to receive payments in your local currency instead of USDC.
Additional Information
For more details on using and managing your crypto wallet, check out these resources:
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