Coinbase Commerce, the cryptocurrency exchange's merchants payments offering, has added support for the dollar-pegged stablecoin USD Coin (USDC).
The development means businesses can now receive payments in USDC from customers “in minutes with zero transaction fees” and no chargebacks, Coinbase announced in a blog post on Monday.
“Unlike accepting credit card payments, merchants can accept USD Coin without geographical limitations or the need for a traditional bank account,” the firm said.
Coinbase Commerce was launched in February 2018 and offers support for bitcoin (BTC), bitcoin cash (BCH), ether (ETH) and litecoin (LTC) payments alongside the new USDC.
Initially integrated with e-commerce platform Shopify, Coinbase Commerce later rolled out a plugin for WooCommerce too. At the time, Coinbase said that WooCommerce provides the payments infrastructure for more than 28 percent of all web stores.
“For new customers in countries like Argentina and Uzbekistan, where consumer prices are expected to inflate by 10–20% in 2020, stablecoins like USDC could provide an opportunity to protect against inflation," it said at the time.
Checkout image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.