on materials - By TheCoinrise Media

Shopify has launched early access to payments in stablecoins using USD Coin (USDC) from Circle as part of a strategic partnership with the American cryptocurrency exchange Coinbase. The integration is currently being tested on the Coinbase Ethereum Layer-2 blockchain, Base, with full deployment planned through Shopify Payments and Shop Pay by the end of this year.

Announcing the move on Thursday, Shopify CEO Toby Lutke called stablecoins 'a natural way to conduct transactions online,' adding that the company has been closely working with Coinbase to develop a commerce-focused smart contract protocol at the heart of the system.

The new payment feature will also support future buyer incentives, including 1% cash back in local currency, enhancing the platform's appeal for both buyers and sellers.

Base, the Layer 2 network created by Coinbase, is the fourth largest blockchain for USDC, accounting for 6% of the total stablecoin supply of $61 billion, according to USDC Transparency and CoinGecko data. Base, known for its low-cost and high-speed transactions, provides Shopify with a round-the-clock global payment infrastructure, aligning with the company’s goals to optimize cross-border trade.

'Base is a super fast and affordable network that has become a great way to move money,' said Shopify in a statement, referring to its reliability and cost-effectiveness. While the company did not disclose plans to support USDC on other chains or additional crypto assets, the exclusive choice of Base sparked debate online.

Some users have questioned the decision, suggesting that broader support for multiple chains would expand merchant access.

Nevertheless, the integration of Base signals a broader intention by Shopify to modernize online payments and explore its own blockchain-based solutions for faster and cheaper transactions.

Shopify's latest venture into stablecoins is based on more than a decade of cryptocurrency experimentation. The company allowed its merchants to accept bitcoins as early as 2013, partnering with third-party gateways like BitPay and Solana Pay.
According to Shopify's help center data, the platform now supports nine alternative cryptocurrency payment methods, although it notes that direct methods like Shopify Payments work better during major sales due to faster settlements.

Shopify and Coinbase also share a history in crypto innovation. Both were involved in the failed Meta Diem project (formerly Libra), a stablecoin initiative that ultimately shut down in 2022 due to global regulatory resistance.


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