Coinbase Now Enables Merchants Receive Payments in USDC Stablecoin

Coinbase Commerce, the merchants payment offering of the crypto exchange, has enabled support for the dollar-pegged stablecoin USD Coin (USDC).

In a blog post published May 20, Coinbase announced that businesses can now accept payments in USDC from clients “in minutes with zero transaction fees” and no chargebacks.

“Unlike accepting credit card payments, merchants can accept USD Coin without geographical limitations or the need for a traditional bank account,” the company said.

Coinbase Commerce was introduced in February last year and provides support for bitcoin (BTC), ether (ETH), bitcoin cash (BCH), and litecoin (LTC) payments alongside the new USDC.

Initially linked with e-commerce platform Shopify, Coinbase Commerce subsequently enabled a plugin for WooCommerce too. Coinbase said at the time that WooCommerce offers the payment system for over 28 percent of all web stores.

Cryptocurrency startup Circle and Coinbase introduced USDC late last year. Coinbase enabled crypto-to-crypto trading in the stablecoin to 85 countries earlier this month.

“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 company stated at the time.