US-based cryptocurrency exchange Coinbase’s payment processor Coinbase Commerce has introduced support for USD-backed stablecoin, USD Coin. The announcement dated May 20 was shared by Justin O’Brien, product manager at Coinbase Commerce.
Based on an open-source fiat stablecoin framework, USDC was launched late last year by peer-to-peer tech company Circle.
With the addition of USDC, the stablecoin has joined the ranks of Bitcoin Cash, Bitcoin, Ethereum and Litecoin as the currencies available to utilize the program.
According to the announcement shared, merchants accepting USD Coin can avail benefits like zero transaction fees, no chargebacks and entire authority over their funds.
Justin highlighted coin’s comparison with a credit card saying –
“Unlike accepting credit card payments, merchants can accept USD Coin without geographical limitations or the need for a traditional bank account.”
With payments processed through USDC, merchants will be accepting payments from customers belonging to any part of the globe “in minutes with zero transaction fees,” Justin added.
Launched in 2018, Coinbase Commerce provides support to merchants in accepting multiple cryptocurrencies and integration into the checkout flow. Also, support as a payment option on major e-commerce platforms like Shopify or WooCommerce.
Earlier this month, Coinbase, in its blog post “Expanding USDC crypto trading globally,” announced offering for crypto-to-crypto trading by including USD Coin trading to 85 countries on Coinbase and Coinbase Pro.
Coinbase also suggested how USDC could help countries where national currencies is often unstable. A part of their announcement read as – “For new customers in countries like Argentina and Uzbekistan, where consumer prices are expected to inflate by 10–20% in 2020, stablecoins like USDC could provide an opportunity to protect against inflation.”
The blog post also mentioned a list of countries it provides services in, with the count amounting to 103 countries.