Coinbase Payments offer worldwide merchant's stablecoin payments. With $USDC payments, Coinbase enters the ecommerce merchant market.
So, what’s happening with these 24/7 $USDC payments with Coinbase Payments?
Global commerce is changing and stablecoins play an important part in this. Coinbase is entering this market sector with its Coinbase Payments option. With this new service, merchants can now accept $USDC payments 24/7. At the same time, there’s no need for blockchain expertise.
Shopify, a commerce giant, is the first user of this new Coinbase Payments feature. This allows merchants on Shopify to receive worldwide $USDC payments around the clock. On the back of this news, Coinbase shares (COIN) went up by 16%. At the same time, Circle, the issuer of $USDC, saw its new CRCL share go up by 25%.
To add some perspective to these numbers, over 50% of the Fortune 500 have already build on-chain. Out of all small businesses, around a third already use crypto. However, these merchants didn’t have access to stablecoin payments. Furthermore, last year, stablecoin transactions brought in $30 trillion. To clarify, year-over-year, stablecoins managed to triple their volume. So, that’s where Coinbase Payments steps in. It brings stablecoin payment options to merchants.
Justin Gainsley, Coinbase Payments Lead and leader of this project, said: “What we announced at State of Crypto is an offering for ecomm platforms and PSPs, not just individual businesses, which is what Coinbase Commerce previously catered to. Unlike Commerce, which offers a hosted checkout and basic crypto acceptance, Coinbase Payments includes features like a modular checkout, enterprise-grade APIs for things like subscriptions, refunds, and ledgering, and an open-source onchain settlement protocol running on Base. It’s everything needed to embed stablecoin payments directly into any commerce platform.”
The Coinbase Payments feature targets three main groups. These are,
It’s the first payment solution that offers a full-stack option for stablecoins. The picture below shows the stack.
Source: Coinbase blog
This is the consumer interaction layer. It allows fast $USDC checkout payments with well over a hundred wallets. For example, the Coinbase Wallet, Phantom, MetaMask, and every other EVM-compatible wallet. Transactions are gasless.
This is the merchant interaction layer. It’s the API for merchant platforms. All required features to accommodate stablecoin payments are built in.
This is the on-chain execution layer. It’s where all on-chain transactions take place. It also offers all traditional payment features, like escrows or refunds. This runs on the Base chain, a low-cost, secure, and fast Layer 2 solution on Ethereum.
With Coinbase Payments, worldwide merchants now have access to stablecoin payments. Coinbase offers $USDC payments for PSPs, marketplaces, and eCommerce infrastructure providers. Shopify, an e-commerce giant, is the first user of Coinbase Payments.
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