Shopify to Roll Out USDC Stablecoin Payments on Base in Coinbase Team-Up
Shopify and Coinbase have partnered to allow consumers to purchase from Shopify merchants using Circle's USDC stablecoin on Coinbase's layer-2 network, Base. This feature will begin in early access and expand throughout the year. Shopify CEO Tobi Lutke emphasized that stablecoins facilitate online transactions and announced the integration of a new commerce payment protocol powered by smart contracts. The Commerce Payments Protocol addresses complex payment processes, enabling features like inventory management and refunds. Merchants can offer buyer incentives, such as 1% cash back. This collaboration marks a significant step for crypto adoption in e-commerce. Shopify previously integrated Solana Pay for USDC payments. Circle recently held an IPO, with shares significantly increasing in value. Shares of Shopify and Coinbase fell by approximately 4% on Thursday.
