- Coinbase Payments lets merchants accept USDC stablecoin with fast and low-cost transactions worldwide.
- Shopify is the first platform to adopt Coinbase Payments allowing millions of merchants easy crypto payments.
- Stablecoin use grows fast with $30 trillion processed last year and more businesses adopting crypto payments.
Coinbase has introduced Coinbase Payments, a new stablecoin payment system for commerce platforms. The platform uses the USDC stablecoin for fast and low-cost transactions. This system allows merchants to accept crypto payments without blockchain expertise.
The platform aims to simplify crypto payments for businesses of all sizes. Coinbase Payments offers global reach and faster settlements. It targets merchants who want to reduce fees and expand payment options.
Shopify is the first major platform to adopt Coinbase Payments. Millions of Shopify merchants can now accept USDC payments without extra setup. Buyers pay in USDC, and Shopify converts payments to fiat unless merchants choose otherwise.
The system supports popular wallets like Coinbase Wallet and MetaMask. This makes it easy for consumers to pay with stablecoins. Coinbase Payments uses a three-layer design to manage payments efficiently.
Technology Behind Coinbase Payments
The payment system has three main parts. The Stablecoin Checkout offers a wallet-native interface with gas-free transactions. The E-commerce Engine provides APIs for authorizations, captures, refunds, and subscriptions.
The Commerce Payments Protocol manages smart contract escrow and settlement on Base, Coinbase’s layer-2 blockchain. This modular structure helps merchants avoid hiring crypto experts. It allows smooth integration into existing payment platforms and merchant dashboards.
Stripe helped remove crypto complexities from sellers’ workflows. Shopify also plans to give 1% USDC cash back incentives to customers. Coinbase Payments provides audit trails through open-source smart contracts and supports programmable rewards.
These features improve transparency and customer engagement. Coinbase invites payment processors, marketplaces, and software vendors to integrate immediately.
Growing Stablecoin Adoption in Commerce
Stablecoins processed $30 trillion in transactions last year which indicates fast growth. Over half of the Fortune 500 companies are exploring blockchain tools. About one-third of small businesses already accept some crypto payments. Coinbase Payments addresses this demand by offering a simple solution for merchants.
Coinbase stock rose significantly after the platform’s launch. The company also secured approval to allow USDC as collateral in U.S. futures trading. This is the first regulated use of USDC in such markets.
The U.S. Senate’s stablecoin regulations may boost further adoption. Coinbase plans to expand USDC payments to more platforms beyond Shopify.
This move marks an important step toward mainstream crypto payments. Stablecoins like USDC could become common payment methods worldwide. Coinbase Payments aims to make crypto payments easy, fast, and affordable for merchants and buyers alike.
