Coinbase (NASDAQ:COIN) is introducing Coinbase Payments using USDC for instantaneous payments via the stablecoin.
USDC is issued by Circle (NASDAQ:CRCL), which recently completed a successful IPO, which saw its shares rocket dramatically higher.
Coinbase announced that the payments service has already been integrated with Shopify, a leading e-commerce platform. This indicates that other digital shops will soon follow.
Coinbase said that while over half of Fortune 500 firms use crypto, tapping into stablecoins has remained elusive. Their payments service aims to alter this by simplifying the process, allowing millions of merchants to benefit from the new and improved payment rails.
Coinbase claims its service will offer “lower costs across the board” for borderless payments. If they can eliminate those annoying credit card fees that are passed onto the purchaser, this will be a big win for Coinbase (and Circle).
