Global Payroll Provider Remote Expands Payment Options for US-Based Companies
In a significant move, global payroll provider Remote is now allowing its United States-based clients to pay their contractors in 69 countries using the USD Coin (USDC) cryptocurrency. This new option is an extension of Remote’s existing partnership with payment provider Stripe.
Stablecoin Payments: A Game-Changer for Global Hiring
The introduction of USDC payments is a significant development in the world of global hiring, reflecting the growing demand for more efficient and streamlined compensation processes. According to Remote, this feature complements its powerful automation capabilities for onboarding, invoicing, and paying contractors.
Contractors can receive USDC payments directly into their Base wallet address, which is part of the Coinbase layer-2 network launched in August 2023. Remote’s employer customers will pay for the service in US dollars, making it easier to manage global payroll expenses.
A Post-COVID Shift in Global Hiring Models
Remote’s decision to introduce USDC payments reflects a post-COVID shift in global hiring models. With more companies adopting remote work arrangements, the need for efficient and flexible compensation processes has become increasingly important.
"Contractor management capabilities are growing fast," said Job van der Voort, co-founder and CEO of Remote. "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."
The Benefits of USDC Payments
USDC payments offer several benefits to both employers and contractors. As a dollar-pegged stablecoin, it provides a hedge against inflation and other economic instability in countries where traditional currencies are volatile.
Stripe’s settlement process allows accounts to be settled nearly instantly, eliminating the need for lengthy bank transfers and foreign exchange procedures. This not only speeds up compensation but also reduces the administrative burden on employers.
A Partnership that Makes Sense
Remote’s partnership with Stripe has been instrumental in making USDC payments a reality. As one of the largest payment providers in the world, Stripe has a proven track record of innovation and customer satisfaction.
Stripe began offering USDC payment services in the summer of 2024, marking a significant return to the crypto space after discontinuing its Bitcoin (BTC) payment option in 2018.
A New Era for Global Hiring
The introduction of USDC payments by Remote is a significant milestone in the evolution of global hiring. With more companies adopting remote work arrangements, the need for efficient and flexible compensation processes has become increasingly important.
As Remote continues to innovate and expand its services, it’s clear that the company is committed to meeting the changing needs of employers and contractors alike.
A Look at Stripe’s History with Crypto
Stripe’s history with crypto dates back to 2014, when it became one of the first major payment service providers to offer Bitcoin (BTC) payments. However, in 2018, the company discontinued its BTC payment option, citing regulatory challenges and market volatility.
Fast forward to June 2024, when Stripe reached an agreement with Coinbase on USDC support on Base, a layer-2 network launched by Coinbase in August 2023. With this partnership, Stripe was able to initiate its USDC payments service in October, marking a significant return to the crypto space.
What Does This Mean for Employers and Contractors?
The introduction of USDC payments by Remote is a game-changer for employers and contractors alike. With more efficient and streamlined compensation processes, companies can reduce administrative burdens and ensure that their contractors receive payments quickly and reliably.
For contractors, USDC payments offer a convenient and secure way to receive compensation in a stable currency. With the ability to store value in US dollars, contractors can mitigate risks associated with inflation and economic instability in their home countries.
A Future of Flexibility and Efficiency
The introduction of USDC payments by Remote is just one step towards a future of flexibility and efficiency in global hiring. As more companies adopt remote work arrangements, the need for innovative compensation processes will only continue to grow.
With its commitment to innovation and customer satisfaction, Remote is well-positioned to meet the changing needs of employers and contractors alike. By leveraging the power of USDC payments, Remote is helping to shape a new era in global hiring – one that is characterized by flexibility, efficiency, and reliability.
