It also comes as stablecoin use grows fast. OnePay cited industry figures showing about $1.79 trillion in adjusted stablecoin transaction volume in June, up 125% from a year earlier.
Starting Oct. 30, select U.S. customers can send USDC from an outside wallet or exchange to a deposit address in the OnePay app, the company said in an announcement. The funds are converted to dollars and credited to OnePay Checking, usually within moments. There are no conversion fees at launch, though blockchain networks may charge their own fees. OnePay supports USDC on 12 blockchains, including Tempo, Base, Solana and Ethereum. It says it’ll consider adding other stablecoins over time.
Stripe powers the service. OnePay uses Bridge, Stripe’s stablecoin platform, to create deposit addresses. Bridge receives the coins, runs compliance checks and handles the conversion. OnePay then credits the account. Customers don’t need to keep a separate stablecoin balance.
OnePay said the product is aimed at gig workers, freelancers and others who are increasingly paid in stablecoins. “Until now, that value sat one step outside the banking system: fast to receive, slow to spend,” OnePay Head of Crypto Pierce Harger wrote in the announcement. “Converting it meant a separate exchange, extra steps and fees, all to settle the money users already earned.”
The launch is the second product from OnePay Next, the company’s in-house incubator. The first, OnePay for Agents, let customers connect their accounts to AI tools. OnePay called stablecoin deposits the first of several stablecoin products on the way. The company also noted that stablecoins aren’t FDIC insured. The dollar amount a customer receives depends on the coin’s value when it’s converted.
The launch builds on OnePay’s April deal with Tempo. PYMNTS reported that OnePay aims to add stablecoin payouts and account funding to its banking product through the partnership, and that Tempo was incubated by Stripe and crypto investment firm Paradigm.
OnePay has added other products this year too. In July, it teamed with Upgrade so customers can apply for loans of $1,000 to $50,000 in the OnePay app, PYMNTS reported. In September, it launched a banking program for teens 13 to 17 with savings, checking, investing and credit builder services.
