Shopify has announced the launch of a pilot program allowing select merchants in the U.S. and Europe to accept payments in USDC, a stablecoin pegged to the U.S. dollar.
Key Details of the Pilot Program
The pilot program will begin in late June and will be available to select merchants. It is developed in collaboration with Coinbase and integrated using Stripe's payment infrastructure. Payments will be processed on Base, Coinbase's Layer 2 network, promising faster and less costly transactions.
Reasons for Choosing USDC as Cryptocurrency
Shopify opted for USDC as it is a stablecoin maintaining a steady price, which is crucial for commercial transactions. This choice eliminates price volatility and ensures predictability for both customers and merchants.
Impact of Coinbase and Stripe Partnership
The integration of Coinbase's technology and Stripe's payment processing expertise will enable Shopify to build the necessary infrastructure to incorporate cryptocurrency into everyday purchases. This collaboration allows for a new payment method for millions of users.
Shopify's USDC payments pilot program signals a growing interest in integrating cryptocurrencies into traditional commerce. Success could lead to broader adoption of stablecoins in e-commerce.
