Shopify is partnering with Coinbase and Stripe to enable merchants to process stablecoin payments for everyday transactions.
As a result of this collaboration, merchants can accept USDC from global customers using their existing payment and order fulfillment systems, without requiring any new integrations or gateways. Customers can pay using USDC from hundreds of supported crypto wallets during guest checkout or with Shop Pay.
Merchants will receive their local currency by default, with no foreign transaction or exchange fees. They also have the option to claim USDC directly into their own wallets, providing flexibility in managing their funds.
According to a Shopify statement, stablecoins are “reshaping the way money moves around the world.” Over the past few years, stablecoins like USDC have achieved over a trillion dollars in monthly payment volume, earning the trust of users globally.
The statement further explains that unlike volatile cryptocurrencies like Bitcoin or Ether, stablecoins such as USDC are backed 1:1 by US Dollar reserves, maintaining a stable value. This means that when customers pay in USDC, merchants receive a currency that is safe, reliable, and easy to exchange.
Additionally, Coinbase’s Base, a fast and affordable network similar to a credit card network, is gaining wider acceptance. Buyer wallets, which allow users to hold and spend digital currencies, are also enhancing the customer experience.
Merchants require payment systems capable of managing complex transactions and checkout processes, such as tax finalization and inventory reservation. Shopify and Coinbase have tackled these challenges with a smart contract, offering merchants the familiar ‘authorize now, capture later’ flexibility of credit cards combined with the speed and global reach of stablecoins.