Shopify Teamed Up With Coinbase and Stripe To Bring USDC Payments To Merchants
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The Canadian multinational e-commerce firm Shopify recently partnered with Coinbase and Stripe to allow merchants to start processing stablecoin payments in everyday commerce.
The collaboration will enable merchants using Shopify to accept payments in the world’s second-largest stablecoin, USD Coin (USDC). That includes payments from global customers, thanks to the existing payment and order fulfillment flows. Furthermore, there are no required integrations or new gateways that the merchants have to enable.
They can now start accepting USDC payments, allowing customers to pay using this stablecoin from hundreds of supported crypto wallets. Additionally, users can also rely on guest checkout and Shop Pay services for the same benefit.
On their end, merchants will receive payment in their local currency by default, without incurring losses due to foreign transactions or any exchange fees. However, they can also choose to claim USDC directly into their own wallets, which provides them with additional flexibility in managing their funds.
Benefits of Accepting Stablecoin Payments
Commenting on the matter, Shopify said that stablecoins are reshaping the way money moves around the world. Over the last several years, they have grown to exceed a trillion dollars in monthly payment volume and are trusted by users worldwide.
The statement went on to explain that stablecoins like USDC are backed 1:1 by US dollar reserves, unlike cryptocurrencies such as Bitcoin and Ethereum. This allows them to maintain a stable price, whereas BTC and ETH constantly see major fluctuations. So, when customers pay in USDC, merchants will get a safe, reliable, stable cryptocurrency that they can easily exchange if they so desire.
In addition, Coinbase’s Base is a fast and affordable network that operates similarly to a credit card network. It is becoming increasingly adopted around the world as a result. Then, there are buyer wallets, which let users hold and spend digital currencies, and which now offer an excellent customer experience.
For merchants, this means adopting a payment system that may be new, but it is reliable, can handle complex transactions and checkout steps, such as tax finalization and inventory reservation, and more.
