Twitter, Stripe pilot cryptocurrency payments for creators

NEW YORK: Twitter Inc and digital payments processor Stripe Inc will pilot cryptocurrency payouts for select users of the social media site’s content monetization products, the companies announced on Friday.

Eligible users of Twitter’s Ticketed Spaces and Super Follows programs will be able to receive their earnings from the company in USD coin, a stablecoin whose value is pegged to the US dollar. Twitter added the monetization features last year in an effort to integrate more into the “creator” economy and boost revenues.

Users who receive crypto payments can hold their earnings in crypto wallets on the Polygon network, a crypto infrastructure firm on the ethereum blockchain, and can then exchange them into other currencies.

The crypto payments will be routed through Stripe Connect, which will also handle know-your-customer requirements, Stripe said.

Stripe plans to add options for payment in other cryptocurrencies in the future, the company said. Twitter is in the midst of a takeover attempt by Tesla head Elon Musk, a prominent figure in the cryptocurrency world who has used the platform to promote bitcoin and “meme coins” like dogecoin.