Cyclops simplifies crypto payments for payment service providers
Cyclops is revolutionizing crypto payments by offering a plug-and-play platform for PSPs to accept and settle in stablecoins like USDC and USDT. Discover why this Miami-based startup is Dmitry’s FinTech of My Choice.
A client asked to pay us in crypto, and I realised I could not answer one simple question: “Ok, but how do we actually do it?”
Fintech of my choice: Cyclops
Stablecoins promise instant settlement, but in real life most payment companies still do not want to touch wallets, custody, chain monitoring, or the messy parts around it.
Cyclops is a plug-and-play platform for PSPs and payment gateways that want to accept crypto and settle in stablecoins like USDC and USDT. Think of it as “Stripe, but for stablecoin rails”, with APIs and low-code widgets that let you add crypto checkout and stablecoin payouts without rebuilding your stack.
The company is Miami-based, founded by Pat Duffy, Alex Wilson, and David Johnson. Their bet is simple: merchants will keep asking for stablecoin settlement, and the winners will be the teams who make it boring, compliant, and operationally clean.
Cyclops raised $8M from Castle Island Ventures, F-Prime, and Shift4 Payments. The business model is also straightforward: they sell infrastructure and charge volume-based fees. If you are a PSP, that is the language you already speak.
What I like most is the positioning. Payment gateways want to offer on-ramps and stablecoin settlement, but they do not want to become a crypto company overnight. Cyclops says: keep your current flow, we will handle the stablecoin settlement and payouts layer, and you can run pilots without touching custody.
From Portugal, I see more cross-border founders quietly moving value with stablecoins because it is faster and sometimes simply the only rail that works end-to-end. The product that wins here will not be the loudest one. It will be the one that feels like normal payments, with stablecoins underneath.
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I am going to test Cyclops the same way I test any payments tool: can I go from “a client asked” to “money settled” without a week of calls and a compliance headache.
What is the biggest blocker for you to accept stablecoin payments today: regulation, accounting, settlement risk, or just not having the right infrastructure?
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