After bringing Shopify on board, Coinbase will roll out its stablecoin acceptance platform to merchants at scale.
The platform, dubbed Coinbase Payments, provides the infrastructure where merchants can receive payments in Circle’s USDC. It runs on Coinbase’s layer-2 network, Base, and supports hundreds of wallets, including MetaMask, Phantom, and Coinbase Wallet.
On the back end, the solution is designed to handle standard merchant operations such as refunds and subscriptions, leveraging Coinbase’s APIs.
Benefits and Rewards
Shopify is already live on Coinbase Payments, a partnership which brings stablecoin payments to a wide array of merchants and creators. While stablecoin acceptance gives customers another way to pay how they prefer, it also offers substantial benefits to merchants.
Stablecoin payments are borderless, secure, nearly instant, and free from the transaction fees typically associated with credit cards. These advantages are part of the reason why the two largest retailers in the world—Amazon and Walmart—have considered launching brand-specific stablecoins.
In addition to reducing transaction costs—which could translates to billions of dollars in savings for major retailers—there is also the potential for merchants to offer incentives for using branded coins. Coinbase hopes to bring this capability to Coinbase Payments by adding support for programmable rewards to the platform soon.
The Deluge of Stablecoins
The deluge of stablecoin-centric launches in recent months shows no sign of slowing—especially now that the U.S. has reached a key milestone. The Senate recently passed the GENIUS Act, a bipartisan bill aimed at establishing a regulatory framework for stablecoins in the U.S.
This marks the first time such legislation has moved forward at the federal level. However, the Act still faces obstacles: The U.S. House of Representatives must pass it, and lawmakers may need to reconcile it with its own STABLE Act.
Despite differences between these two bills, the development represents a significant step forward for the digital assets industry. The lack of regulatory clarity has long drawn criticism, and more certainty provide a tailwind for the already accelerating stablecoin market.
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