Merchants are now able to accept USDC payments and convert them into fiat currency.
Checkout.com, a global payment processor, has introduced a new stablecoin settlement platform that allows merchants to receive crypto payments in real-time from customers. This could potentially increase the number of stablecoins used within ecommerce.
Stablecoin settlement systems are centered around Circle’s USD Coin ( USDC), which is the second-largest stablecoin in terms of market capitalization. It allows merchants to convert USDC payments into fiat immediately upon receipt. Merchants will have access to the service 24 hours a day, so payments can be made on weekends and holidays.
The settlement system uses payout technology from crypto infrastructure provider, Fireblocks. Checkout.com has settled more than $300 million USDC transactions through its beta program with Fireblocks
Checkout.com’s stablecoin payment system initially supports USDC. However, there are plans for a wider range over time.
Ran Goldi, Fireblocks vice president of payments, stated to Cointelegraph that Blockchain technology can dramatically improve merchant payments. Goldi stated that payments have been slow, fragmented and costly in the past. “This is only a part of the work we can do in payments.
Goldi said that crypto merchants are now much more common than five years ago, when they were not even possible. Merchants are now more willing to accept stablecoin payments in order to retain their funds and to interact with vendors and other crypto-related parties.
Checkout.com was rebranded as a cloud-based payment solution in 2012. Since then, Checkout.com has shifted strongly to digital assets and Web3, and has entered partnerships with key crypto players like Crypto.com, FTX, and MoonPay. According to Cointelegraph, Checkout.com closed a $1B Series D investment round last January for a value of $40 billion.
While crypto is a promising asset class, mainstream adoption of crypto is crucial due to its utility as an exchange medium. In emerging markets, where U.S. dollars are not easily available due to sanctions or capital controls, stablecoins that are dollar-pegged have been viable alternatives.
Cointelegraph spoke with Jess Houlgrave as Checkout.com’s head for crypto strategy. She explained that the transition from early adoption to a more practical, pragmatic, and positive overall is made by cryptocurrency adoption among merchants.
“This transition means that there is a surge in demand for fintech firms that can offer easy-to-deploy services and solutions to merchants using crypto payment options. They also help them optimize the process over the long-term.”
