Shopify partners with Coinbase and Stripe on stablecoin payments
E- commerce company Shopify has teamed up with Coinbase and Stripe to enable stablecoin payment options for its merchants globally.
The feature, currently in early access, enables merchants on the Base network to accept payments in USD Coin (USDC) without the need for new integrations or payment gateways.
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The implementation allows customers to pay with USDC using supported cryptocurrency wallets, during guest checkout, or through Shop Pay.
Merchants have the choice to receive settlements in their local currency, avoiding foreign transaction or exchange fees, or to claim USDC directly into their crypto wallets.
To address the complexities of online transactions, Shopify and Coinbase have developed a smart contract that emulates the traditional credit card process of “authorise now, capture later,” while utilising the benefits of stablecoins.
USDC, a stablecoin, is pegged 1:1 to the US Dollar, offering a stable value compared to other cryptocurrencies with more volatile price movements.
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By GlobalDataThis stability ensures that merchants receive a consistent value when customers make payments in USDC, the company said in a statement.
In April, Shopify expanded its tie-up with Affirm to accelerate their international expansion, starting with Canada.
Future plans include enabling cross-border commerce features between the US, Canada, and the UK, with intentions to further expand to Australia and Western Europe, beginning with France, Germany, and the Netherlands.
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