Coinbase Launches Coinbase Payments for Stablecoin Transactions with Shopify
Coinbase (COIN) has launched Coinbase Payments, expanding into the global payments sector. This service operates on Coinbase's Ethereum layer-2 network, Base, and is already integrated with Shopify.
- Facilitates stablecoin payments, particularly USDC, for merchants
- Allows 24/7 transactions without requiring blockchain expertise
- Supported by a growing trend in stablecoin usage, with $30 trillion in transactions last year, tripling from the previous year
The service features:
- Stablecoin Checkout for seamless payments via wallets like MetaMask and Phantom
- Ecommerce Engine providing an API for functions such as authorization and refunds
- Commerce Payments Protocol using smart contracts for transaction execution
This enables merchants to accept USDC globally at lower costs while maintaining traditional payment functionalities.