The Electronic Commerce Giant Shopify (Shop) is bringing Stablecoin payments to its merchants on the basis, the Ethereum Layer-2 network of Crypto Exchange Coinbase (Coin), companies said Thursday.
Integration will be launched on June 12 to a limited group of early access merchants, with a broader availability that is expected later this year for all merchants who use Shopify payments, companies said.
Once the deployment is completed, merchants can accept Payments from the Circle’s USDC (CRCL) to the chain in the chain while receiving local foreign exchange agreements without incurring foreign transactions rates. Shopify said he plans to return 1% in cash to customers who pay with USDC. This characteristic that will be launched later in the year.
Stablecoins, digital tokens whose value is linked to a real world asset, are finding a broader range of uses that simply allowing merchants to move funds between cryptocurrencies without becoming fiduciary currency. The use is exploiting, with a 54% growth in the offer year after year and greater use by companies such as Paypal (PyPL) and Grab (grab) for international payments and remittances.
The new initiative is designed to rationalize global trade with crypto-national infrastructure, reduce costs and impulse efficiency, and is supported by a new open source payment protocol jointly developed by Coinbase and Shopify.
The Smart Contract and Commerce Payments Protocol supports the standard characteristics, such as delayed capture, tax calculation and reimbursement processing, and is integrated directly into existing orders compliance systems of merchants, companies said.
Shopify said he selected the base for its safe, high -speed and high -speed transactions environment, with the aim of helping cryptographic payments to conventional retail experience.
Read more: Shopify customers can now pay at USDC through Solana Pay
