According to two announcements released on Thursday, Shopify, the e-commerce giant, has entered into partnerships with Coinbase, a cryptocurrency trading platform, and Stripe, a payment service provider, aiming to lower the barriers for merchants to accept payments in Circle’s USDC stablecoin and create a more convenient cryptocurrency payment ecosystem for both consumers and businesses.
In the collaboration with Stripe, consumers are set to enjoy a brand-new payment experience. As stated in Stripe’s press release, shoppers will be able to use their preferred cryptocurrency wallets to complete payments with USDC via the Base blockchain network. For merchants, the collection process has also been optimized. By default, Stripe enables merchants to receive stablecoin payments in their preferred local currencies and directly deposit the funds into their bank accounts, with an operation process no different from that of traditional payment methods. This service will be available to Shopify merchants in 34 countries and regions, expected to offer more diversified payment options for cross-border transactions.
Stripe also shared growth data of the stablecoin payment market. Over the past two years, the total settlement amount of stablecoin payments has exceeded \(94 billion, and the growth momentum is remarkable, with the monthly payment amount surging from less than \)2 billion to over $6.3 billion, highlighting the potential of stablecoins in the digital payment field. The cooperation among Shopify, Coinbase, and Stripe will undoubtedly further promote the widespread application of USDC stablecoin in commercial scenarios, potentially bringing new changes to the payment methods in the e-commerce industry and sparking high attention from the market on the integrated development of cryptocurrencies and traditional businesses.
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