Compass Coffee, a Washington, D.C.-based coffee chain, has announced a partnership with Coinbase (NASDAQ:COIN), a US-based cryptocurrency exchange with global operations. This collaboration allows customers to pay for coffee purchases using crypto, specifically stablecoins like USDC.
Compass Coffee, an established business with a presence across 16 different locations in the Washington D.C. area, has implemented a new payment option: cryptocurrency.
According to bulb, Compass claims to be the first major coffee shop in the area to accept crypto as a payment method.
Compass Coffee is accepting USDC, a stablecoin pegged to the US dollar. Unlike traditional cryptos known for their price fluctuations, stablecoins offer greater stability, making them a more suitable choice for everyday transactions. The process of using crypto at Compass Coffee is designed for simplicity.
Customers can leverage digital wallets like Coinbase Wallet to facilitate buying, selling, and trading cryptocurrencies. To complete a crypto purchase, patrons scan a QR code at checkout, streamlining the transaction.
While there have been many other businesses that accept crypto as payments, including Bitcoin, stablecoins and other crypto-assets, the goal of stablecoin issuers is to be viewed as a digital dollar. In fact, USDC, issued by Circle, envisions its stablecoin as an upgrade to existing payment rails. While some advocate for a central bank digital currency, issued by the Federal government, a privately issued stablecoin, regulated appropriately, may be a better option. We just need appropriate rules and broad uptake – at local businesses like Compass Coffeee.