Global e-commerce giant Shopify has announced a partnership with major U.S. exchange Coinbase to launch early access to Circle's USDC stablecoin payments.
Shopify plans to fully roll out USDC payments on Coinbase's Ethereum Layer 2 (L2) network, Base, through Shopify Payments and Shop Pay within the year, the company announced on Thursday.
Shopify CEO Tobi Lutke stated in a post on X on Thursday, "We believe stablecoins are the natural way to transact on the internet and have developed a commercial payment protocol smart contract in collaboration with Coinbase to support this work."
Tobi also noted that the new stablecoin payment feature launched by Shopify will allow companies to offer incentives to buyers in the future, such as 1% cash back for payments made in local currency.
Coinbase's Base blockchain is the fourth largest network for USDC, accounting for 6% of the total supply of $61 billion in USDC, according to USDC Transparency and CoinGecko data.
Shopify stated that Base, built by Coinbase, is a "super-fast and cost-effective network that has become an excellent way to transfer funds." The company also mentioned that Base offers "fast, cheap, and secure" transactions while providing a global payment channel available 24/7.
As Shopify did not mention whether it plans to consider native support for more USDC chains or only support a few additional crypto assets and stablecoins, many online commentators expressed curiosity about the choice of Base.
One user wrote on X, "What’s the point of narrowing your funnel? You should support all chains backed by USDC, just like Stripe."
Shopify's new USDC partnership with Coinbase is not its first foray into the crypto space.
Since at least 2013, Shopify has indirectly supported Bitcoin (BTC) payments through gateway integrations, when the company officially announced that its 75,000 merchants could freely start accepting Bitcoin.
According to Shopify's Help Center, Shopify allows merchants to integrate at least nine additional payment methods through third-party gateways like BitPay and Solana Pay, supporting various crypto assets.
The Help Center notes, "Due to longer settlement times, cryptocurrency transactions may lead to overselling in flash sales. For optimal flash sale performance, please use direct payment methods like Shopify Payments."
The latest collaboration between Shopify and Coinbase is not the first time the two companies have worked together in the digital currency space.
In 2019 and 2020, Coinbase and Shopify joined Meta (formerly Facebook) in the stablecoin project Diem, originally called Libra. After years of opposition from global regulators, the project was officially shut down in early 2022.
Related: Chainlink, JPMorgan, and Ondo Finance complete "first-of-its-kind" cross-chain settlement
Original article: “E-commerce giant Shopify launches early access to USDC stablecoin payments on Base network”
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