Stripe has launched its new service enabling Shopify stores to accept payments in USDC over the Base network.
One of the world's leading payment platforms, Stripe, is paving the way for receiving payments in USDC in 34 countries through its partnership with the popular e-commerce platform Shopify. In a statement made by Stripe, it was noted that customers will be able to shop using their preferred crypto wallets over the Base network. Sellers can convert the payments they receive in USDC into their preferred local currency via Stripe and deposit them directly into their bank accounts.
Stripe's USDC integration provides significant convenience for Shopify merchants. Shopify COO and Vice President of Product Kaz Nejatian stated the following in a related announcement:
"Stripe has long simplified the complex aspects of payment processes for our merchants. Now it provides the same convenience with stablecoins, making it easier to meet global demands."
The collaboration between Stripe and Shopify is not the only development expanding the use of USDC. Circle, the world's second-largest stablecoin provider, recently successfully went public on the New York Stock Exchange (NYSE), while Stripe also recently acquired the crypto wallet provider Privy. Additionally, the Layer 1 blockchain network XRP Ledger announced USDC support on its mainnet.
According to information provided by Stripe, over 94 billion dollars in stablecoin payments occurred in the last two years, with monthly payment volume rising from 2 billion dollars to 6.3 billion dollars. The Commerce Payments Protocol initiative jointly announced by Coinbase and Shopify aims to better structure cryptocurrency payments to meet the trade needs of the real world.
Shopify had previously tested blockchain-based payment initiatives with Solana Pay in 2023. With these new moves, the potential for USDC to close the gap with the market leader Tether (USDT) is increasing.
