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Shopify Customers Can Now Pay In USDC Via Solana Pay

The payment protocol, built on the Solana blockchain, has been integrated into Shopify.

By Helene Braun
AccessTimeIconAug 23, 2023 at 8:23 p.m. UTC
Updated Aug 25, 2023 at 3:54 p.m. UTC
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Solana Pay, the payment protocol built on the Solana blockchain, is now plugged into e-commerce giant Shopify, allowing users to pay in USD Coin (USDC), the companies announced Wednesday.

With the integration, users will be able to connect Solana-centric crypto wallets, like Phantom, and settle payments on-chain with merchants using USDC.

While USDC, one of the most popular dollar-linked stablecoins, is the first payment option to be enabled via the integration, other crypto assets will follow in the future, a representative of the Solana Foundation told CoinDesk.

"When thinking about this integration, we chose a stablecoin because merchants and consumers "think in dollars,” Josh Fried, head of commerce business development at the Solana Foundation told CoinDesk. ”It creates a much simpler entry point when pricing is in a currency consumers and merchants naturally understand.”

When paying with USDC, transactions will be settled almost instantly as opposed to most credit card payments which can take several days to clear, Fried said.

Solana Pay went live in early 2022 to help merchants accept crypto payments, with Checkout.com, Circle and Citcon supporting the protocol.

UPDATE (Aug. 23, 20:43 UTC): Adds comments from Josh Fried, head of commerce business development at the Solana Foundation.

CORRECTION (Aug. 24, 20:43 UTC): Removes Slope as an example of a Solana-centric crypto wallet because it is no longer active.

Edited by Bradley Keoun.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Helene Braun
Helene Braun

Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.

Follow @HeleneBraunn on Twitter

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