Shopify Partners with Coinbase and Stripe to Enable USDC Payments for E-Commerce

The e-commerce platform Shopify, in collaboration with Coinbase and Stripe, has introduced the ability to accept payments in the USDC stablecoin from Circle.

Now, customers can make purchases using «stablecoins» through the Base network with any cryptocurrency wallet. The Stripe payment service will automatically convert USDC into the seller’s local currency and transfer the funds to their bank account.

According to Shopify’s Chief Operating Officer, Kaz Nejatian, Stripe will streamline the acceptance of stablecoin payments, eliminating the need for merchants to navigate the complexities of crypto infrastructure. This service will be available to merchants in 34 countries.

Stripe noted the rising popularity of stablecoins, with transaction volumes exceeding $94 billion in the past two years. Monthly transactions have surged from $2 billion to $6.3 billion.

Additionally, Coinbase and Shopify have announced the launch of the Commerce Payments Protocol, aimed at addressing the challenges of handling complex commercial transactions in cryptocurrencies. Existing solutions work well for user-to-user transfers but fall short for multi-step trading operations, according to the companies.

It’s worth mentioning that in 2023, Shopify integrated the Solana Pay payment system.