Shopify announced the launch of a payment acceptance program in stablecoin USDC, starting this month. This event marks a significant step in integrating cryptocurrency into their platform.
Program Launch and Partnerships
The program operates through a partnership with Coinbase and Stripe. Coinbase helped Shopify develop a custom crypto payment protocol on its Base blockchain, which supports functions such as chargebacks and other retail complexities.
Merchant Options and Benefits
The program will have stablecoin payment enabled by default. Merchants who wish to opt out will need to disable it manually. There is also a cash back incentive of up to 0.5% on USDC transactions.
Current Trends in the Stablecoin Market
The volume of stablecoin payments has surged from $2 billion to over $6.3 billion in the past two years. Companies like Visa and PayPal are also exploring integration opportunities using stablecoins.
The integration of stablecoins into the Shopify platform demonstrates the growing trend of cryptocurrency usage in digital commerce, which could change the way financial transactions are conducted in the future.
