You can now use Stripe Express to get paid directly in cryptocurrencies, starting with USDC.
Choosing to earn in crypto enables you to get paid faster and makes it even easier to own and manage crypto. If you are outside of the US, it enables you to earn in a stablecoin pegged to USD as an alternative to earning in your local currency.
In your Account settings, you will now see an option to add a crypto wallet and set it as your default payout account. To start earning in crypto, you will need to provide the public address of a crypto wallet that supports the Polygon Network here.
Once you have successfully added a crypto wallet, your Express account will have a tab for your new USDC balance. This tab is where you can track payments from your platform that were made in USDC and view upcoming payouts to your crypto wallet.
A crypto wallet is what allows you to send, receive, and store your crypto. There are three major types of wallets (hosted, self-custody, and hardware) and several services that simplify the creation and management of wallets. A crypto wallet can conceptually be thought of as a bank account for crypto, but it’s worth understanding that your crypto wallet does not actually store crypto in it. Instead, the crypto you own is actually stored publicly on the blockchain, and your wallet holds a key that proves you own the crypto and enables you to use it. Specifically, your wallet’s public address is what is visible on the blockchain, and your private key (which is critical to protect), is what enables you to prove your ownership.
Stripe Express currently supports crypto payouts in USDC, which is a digital stablecoin that is pegged to the United States dollar (USD). Learn more here.
Stripe Express currently processes USDC payouts over the Polygon Network, which is an Ethereum compatible crypto network. Due to its scalable design and current adoption, the Polygon Network is able to process transactions more quickly and for lower transaction costs than the Ethereum main network. This balance of compatibility and scalability ensures that you get paid over a network that is safe, fast, and inexpensive.
Since Polygon is Ethereum compatible, most Ethereum wallets will work with Stripe Express. When signing up, ensure that you have enabled the Polygon Network on your wallet itself so that you can see the USDC you receive. If you want to move your USDC from Polygon to Ethereum, or vice versa, we recommend using the official Polygon Bridge.
As mentioned above, Express currently supports crypto payouts in USDC to wallets over the Polygon Network.There are several types of wallets that support the Polygon Network and any of these can be used with Express. Once you create a wallet, ensure that the Polygon Network is enabled and then provide the wallet’s public address in your Account settings.
As a specific example, you can use a service like MetaMask to create a wallet and enable it to operate over the Polygon Network. MetaMask is one of most commonly used crypto wallets today for ETH compatible cryptocurrencies. If you choose to use MetaMask, consider following Polygon’s guides for creating a MetaMask wallet and adding the Polygon Network to it.
Generally, the same payout amount should be reported on your Form 1099 regardless of whether you are paid in crypto or US Dollars. Please reach out to your platform directly for any issues or questions on the Forms 1099 issued to you. We recommend that you speak to your tax advisor with any questions or concerns about your individual tax situation.
We encourage you to consult with legal and tax advisors for any local laws you may be subject to as a result of owning or transacting in crypto. We provide transaction history, which you can use for any tax reporting required in your country.
In your Account settings, you can view and edit the payout account you have provided. In some cases, you may be prompted to contact Stripe Express support to confirm your identity and intent to change your wallet.
In your Account settings, you can change your default payout method to be a bank account / debit card instead of your crypto wallet. This will ensure that your future earnings go into your local currency instead of in crypto.
Stripe Express enables you to have a balance in both your local currency and in crypto, but your earnings themselves are controlled by your platform. Contact your platform to see if they support split earnings between your local currency and crypto.