Stripe has announced an expansion of its partnership with Shopify that will enable millions of Shopify merchants to accept payments in the stablecoin USDC.
The new functionality is expected to be available in the coming weeks for merchants in 34 countries.
Customers will be able to pay in USDC on Base, using their preferred cryptocurrency wallet.
By default, Stripe will convert USDC into the merchant’s local currency and transfer the funds to their bank account.
Merchants will also have the option to receive USDC directly in an external wallet.
“Stripe has long handled the hard parts of payments so our merchants do not have to,”
said Kaz Nejatian, Chief Operating Officer and Vice President of Product at Shopify.
“Now they are doing the same for stablecoins, making it simple for our merchants to meet booming global demand without wrestling with crypto infrastructure.”
According to Stripe, global stablecoin payments have seen considerable growth, with more than US$94 billion settled over the past two years.
Monthly payment volumes have increased from under US$2 billion to over US$6.3 billion during this period.
“We are excited to work with Shopify to bring the benefits of stablecoins to a massive number of businesses at once,”
said Neetika Bansal, Head of Money Movement and Crypto at Stripe.
“Now those businesses can reach more markets at lower costs, all without having to change how they already run their business.”
Stripe’s Connect suite, already used by companies such as DoorDash, Instacart and Salesforce, enables the management of multi-party payments.
With this update, Connect platforms based in the United States will be able to offer stablecoin payments to their users.
Featured image credit: Edited by Fintech News America, based on image by user13350594 via Freepik
