- Shopify is enabling stablecoin payments for merchants using the Base network by Coinbase.
- The new feature will first be available to selected early-access users starting June 12, with wider access coming later in the year.
- Merchants will be able to accept Circle’s USDC stablecoin for on-chain payments, while receiving proceeds in their local currency without foreign transaction fees.
- Shopify plans to offer 1% cash back to customers who use USDC payments, launching later this year.
- The integration, using an open-source protocol by Shopify and Coinbase, aims to reduce payment costs and simplify global commerce with crypto.
Shopify will allow merchants to accept payments in stablecoins through Base, the Ethereum layer-2 network developed by Coinbase. The rollout for early adopters using Shopify Payments will begin on June 12, and the companies plan to make it available to all merchants later this year.
Merchants can receive on-chain payments in Circle’s USDC stablecoin and will be settled in their local currency, avoiding extra fees for foreign transactions. Shopify also announced a 1% cash back incentive for customers who use USDC, with the feature set to launch at a later date.
Stablecoins are digital tokens whose value remains fixed to traditional assets like the U.S. dollar. Their usage is growing rapidly, with a 54% increase in supply year-over-year. Companies, including Paypal and Grab, are adopting stablecoins for payments and international money transfers.
According to the companies, the new payments integration is built on a jointly developed open-source protocol, designed to lower the cost and increase efficiency of global transactions. This smart contract protocol supports delayed payment capture, tax calculation, and refund processing, and is integrated into existing order fulfillment tools.
Shopify chose Base for its low-cost, fast, and secure transaction environment, stating the objective is to bring crypto payments to mainstream retail. For more on related features, see: Shopify Customers Can Now Pay In USDC Via Solana Pay.
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