Shopify has announced a new partnership with Coinbase and Stripe to launch stablecoin payments for merchants.
The company said that merchants can accept USDC from customers globally in early access on Coinbase’s digital payments network Base.
It added that companies can use their existing payment flows, with no integrations necessary.
Through the new partnership customers can now pay with USDC on Base from hundreds of supported crypto wallets, on guest checkout and with Shop Pay.
Merchants will receive their local currency by default, with no foreign transaction or exchange fees—or they can choose to claim USDC directly into their own wallet.
The company said that thanks to its ongoing partnership with Stripe, this will make accepting crypto payments “even easier for merchants” who have more flexibility in managing their funds.
Stripe processes payments for Shopify’s default payment option, Shopify Payments
Shopify added that bringing stablecoins to its platform means redesigning payment systems to address real-world commerce needs.
“Merchants need payment systems that can handle complex transactions and checkout steps like tax finalisation and inventory reservation,” said the company. “Shopify and Coinbase addressed these challenges with a first-of-its-kind smart contract: merchants get the familiar ‘authorise now, capture later’ flexibility of credit cards, with the speed and global reach of stablecoins.”
In May, financial operations platform Ramp extended its partnership with payment services company Stripe to launch the stablecoin-backed corporate cards with integrated spend management software.
Stripe claims it is the first in the financial industry to launch this product, with the company saying the move will make cross-border transactions faster and easier.
Businesses can fund a wallet with Ramp using local currency, which is converted to stablecoin, or by depositing stablecoins directly.
