Shopify is shaking up the payment landscape, making USDC payments the default option for its 5.5 million merchants. This new integration with Coinbase and Stripe eliminates extra setup and provides seamless crypto adoption without friction.
The change brings USDC payments to millions of businesses worldwide by default, utilizing Coinbase’s Base blockchain for processing. Merchants can accept USDC from various crypto wallets, including during checkout and Shop Pay. Shopify handles conversions to local currency automatically unless merchants choose direct USDC receipt, eliminating foreign exchange fees.
This move represents a significant shift in retail adoption of crypto payments. No opt-in required, it’s now readily available for all merchants. A cashback program incentivizes stablecoin usage, with 0.5% offered by Shopify and further incentives to follow for customers.
The announcement comes at a pivotal time as stablecoins like USDC continue to grow in popularity. Over $1 trillion worth of transactions move through the USDC network monthly, solidifying its reputation for speed, stability, and low fees. Visa has reported near-billions in crypto card purchases, while other tech giants like Meta and Google are also exploring their own crypto payment features.
Shopify’s pioneering approach positions it as a leader in this digital currency revolution. It empowers merchants with flexibility and sets new standards for integrating digital currencies into everyday commerce.