Remote, a platform that enables companies to hire and manage contractors worldwide, is introducing a groundbreaking feature that allows international contractors to receive payments in cryptocurrencies. Starting Tuesday, companies based in the US can pay their contractors in stablecoins, specifically USDC, in 69 countries, thanks to a partnership with Stripe.

This innovative feature tackles the challenges associated with international money transfers, which can be slow and prone to getting stuck in limbo. By using crypto payouts, contractors can now receive fast and secure payments, eliminating the risks of volatility inherent in cryptocurrencies. USDC, a widely used stablecoin managed by Circle, is pegged to the US dollar, ensuring that one USDC is always equivalent to one USD, thereby mitigating exposure to market fluctuations.

The crypto payouts are facilitated through the Polygon Network, a Layer-2 chain built on Ethereum, which is supported by many crypto wallets. This means that contractors can receive payments in a USD-denominated cryptocurrency, providing a hedge against currency devaluation in their local markets. They can then exchange USDC for their local currency, send the funds to their bank account, and store the remaining balance in their crypto wallet. Some contractors might even opt to use a debit card issued by a crypto exchange to seamlessly spend their USDC.

When contractors create an account on Remote, they can choose how they want to receive payments – either in a local currency via a bank account or in USDC. If they select the latter, they can enter their wallet address and start uploading invoices. Once companies approve invoices in their Remote dashboard, Remote generates a payment request for all contractors and automatically transfers the funds using the chosen payout method.

Looking ahead, Remote plans to expand this feature to customers headquartered in other countries and add support for more cryptocurrencies, including Bitcoin and Ethereum, catering to crypto enthusiasts. This development has significant implications for the future of international payments, remote work, and the adoption of cryptocurrencies in mainstream transactions.

The introduction of crypto payouts on Remote marks a significant milestone in the evolution of global payment systems. As the world becomes increasingly interconnected, the need for fast, secure, and reliable cross-border transactions grows. By embracing cryptocurrencies, Remote is poised to revolutionize the way companies pay their international contractors, setting a new standard for the industry.