As a researcher with a keen interest in the intersection of technology and finance, I find the recent move by Remote to allow USD Coin payments for contractors in 69 countries a fascinating development. Coming from a background where I’ve witnessed the challenges associated with international money transfers, especially in developing economies, this move seems like a significant step towards financial inclusivity and stability.
Through its partnership with Stripe, the international payroll service Remote now enables U.S. businesses using their platform to make payments to contractors in 69 different countries using USD Coin.
Fast and stable compensation
According to their announcement, Stablecoin payments serve as an excellent complement to Remote’s robust automation tools for onboarding, billing, and paying contractors. The firm noted that contractor management capabilities are rapidly expanding, which they attribute to a change in hiring patterns following the COVID-19 pandemic, indicating a shift towards global remote work models.
Contractors can get hold of Circle’s USD Coin (USDC) through their Base wallet addresses. Base, launched by Coinbase in August 2023, is a layer-2 network. Employers linked with Remote will pay for the service using US dollars in its traditional form. As stated by Job van der Voort, CEO and co-founder of Remote, “Contractors can receive their payment in USDC on their Base wallet addresses.
“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.”
With USDC (US Dollar-linked), users can securely hold the value of the U.S. dollar, offering protection against inflation and economic turmoil in numerous countries. Stripe facilitates swift account settlements, eliminating the delays associated with bank transfers and foreign exchange processes.
Stripe has returned to crypto
Earlier, remote payments facilitated by Stripe Connect were limited to the recipient’s local currency, except for some European currencies accessible to recipients within Europe. However, it’s important to note that Remote and Stripe each perform their own Know Your Customer (KYC) verifications during their respective onboarding processes.
In the year 2024 during summertime, Stripe introduced USDC payment solutions. Since abandoning cryptocurrency services back in 2018 by removing its Bitcoin (BTC) payment feature, this was a new step for them. Stripe had been the first significant payment service to offer BTC when it integrated it into their system way back in 2014.
In June, Stripe and Coinbase finalized a deal for Stripe to offer USDC support on their platform, Base. Later, in October, Stripe launched its USDC payment service.
Despite the growing popularity of stablecoins, Bitcoin continues to challenge it as a method for salary payments. Notably, several politicians and celebrities have openly expressed their preference for receiving Bitcoin as payment.
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2024-12-17 21:46