The electronic commerce giant Shopify (Shop) brings stablecoin payments to its merchants above the base, Crypto Exchange Coinbase (Coin) Ethereum Layer-2 Network, companies announced on Thursday.
Integration should be launched on June 12 to a limited group of early access merchants, with a wider availability expected later this year for all merchants using Shopify payments, companies said.
Once the deployment is completed, traders will be able to accept payments from the USDC of Circle (CRCL) in chain while receiving local currency regulations without incurring foreign transaction costs. Shopify said that he planned to return 1% money back to customers who pay with USDC. This feature that will be launched later in the year.
Stablecoins, digital tokens whose value is linked to a real asset, find a wider range of uses than simply allowing traders to move funds between cryptocurrencies without converting to fiduciary currency. The use explodes, with a growth of 54% of the supply in annual sliding, and increased use by companies such as Paypal (Pyp) and Grab (Grab) for payments and international funds.
The new initiative is designed to rationalize global trade with crypto-native infrastructure, reduce costs and increase efficiency, and is supported by a new open source payment protocol developed jointly by Coinbase and Shopify.
The Smart Contract and Commerce Payments Protocol supports standard features such as delayed capture, tax calculation and reimbursement processing, and is integrated directly into the execution systems of existing orders of merchants, the companies said.
Shopify said that it has selected a base for its low -speed, high -speed and secure transaction environment, aimed at helping to bring cryptographic payments in the traditional retail experience.
Find out more: Shopify customers can now pay in USDC via Solana Pay
