Shopify Embraces USDC Payments in Partnership with Coinbase and Stripe

The e-commerce platform Shopify, in collaboration with Coinbase and Stripe, has introduced the option to accept payments in the stablecoin USDC from Circle.

Customers can now pay for goods with “stablecoins” via the Base network, using any cryptocurrency wallet. The payment service Stripe will automatically convert USDC into the seller’s local currency and credit the funds to their bank account.

According to Shopify’s COO, Kaz Nejatian, Stripe will simplify the acceptance of stablecoin payments, eliminating the need to navigate crypto infrastructure. The service will be available to merchants in 34 countries.

Stripe noted the growing popularity of “stablecoins.” Over the past two years, the volume of payments in stablecoins has exceeded $94 billion. Monthly turnover increased from $2 billion to $6.3 billion.

Coinbase and Shopify also announced the launch of the Commerce Payments Protocol. It aims to address the challenge of conducting complex commercial transactions in cryptocurrencies. Existing solutions are well-suited for user-to-user transfers but not for multi-step commercial operations, the companies believe.

Earlier in 2023, Shopify integrated the Solana Pay payment system.