Checkout.com Reveals Merchants Can Accept and Make Payments in USDC

Must read

Bored Apes, Moonbirds to feature on NFT-customized Mastercard debit cards

The customizable card will only support NFT avatars from select blue chip collections, subject to Mastercard’s design standards and an owner verification process....

Innovation will drive NFT adoption despite mainstream presence: NFTGo founder

The presence of global players may be viewed positively by the industry, but Tony Ling claims this does not impact mass adoption. ...

The path moving forward for ex-Ethereum miners remains unclear

It seems that some GPU owners have resorted to selling power to non-crypto projects following the Ethereum Merge. 1280 Total views...

Acala Network to resume operations after burning 2.7B in aUSD stablecoin

A total of 2.97 billion aUSD erroneously minted were recovered after the glitch. 650 Total views 12 Total shares...

Checkout.com Reveals Merchants Can Accept and Make Payments in USDC

On Tuesday, the financial technology company Checkout.com announced that it will allow merchant settlements using the stablecoin USDC via a partnership with the crypto firm Fireblocks. Checkout.com further detailed that in a beta test with select clients, the company settled $300 million in transaction volume leveraging the USDC stablecoin.

Checkout.com Leverages the Stablecoin USDC

Checkout.com has announced it will be utilizing USDC for merchant settlements. The company, founded in 2009 by Guillaume Pousaz, said it will allow businesses to make payments in, and accept, Circle’s stablecoin usd coin (USDC). Checkout.com’s new stablecoin settlement service is through a partnership with the firm Fireblocks, a crypto custody service provider that just launched an institutional suite of Web3 services.

On the same day as the Checkout.com announcement, Coins.ph partnered with Fireblocks and revealed the fiat and crypto wallet service provider will integrate Fireblocks’ custody management into Coins.ph’s platform. Ran Goldi, Fireblocks’ vice president of payments, explained that Checkout.com’s new USDC payment service will allow much faster settlement times and during non-banking hours.

“Traditionally, merchant payouts are limited to 9-5 on weekdays excluding public holidays and are further delayed through batch processing over several business days,” Goldi said in a statement on Tuesday. “Checkout.com’s weekend settlement means that merchants are no longer restricted by arbitrary settlement times.”

The announcement further notes that select Checkout.com customers already tested the new USDC feature in a beta version of the service. “During the beta, Checkout.com successfully tested, refined and optimized ways for customers’ online fiat transactions to be paid to merchants through USDC,” the company’s announcement details. Jess Houlgrave, the head of crypto strategy at Checkout.com, believes stablecoins offer a variety of benefits.

“Stablecoins started as a fiat-denominated asset used by crypto traders to easily move in and out of more volatile crypto assets, but we believe they will also play a fundamental role in improving the underlying payment landscape,” Houlgrave explained. “The fact that we’re the first full-stack payments provider to successfully pilot an end-to-end solution with weekend merchant-side settlement capability is testament to our commitment to crypto.”

What do you think about Checkout.com using USDC for settlement services? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More articles

Latest article

Bored Apes, Moonbirds to feature on NFT-customized Mastercard debit cards

The customizable card will only support NFT avatars from select blue chip collections, subject to Mastercard’s design standards and an owner verification process....

Innovation will drive NFT adoption despite mainstream presence: NFTGo founder

The presence of global players may be viewed positively by the industry, but Tony Ling claims this does not impact mass adoption. ...

The path moving forward for ex-Ethereum miners remains unclear

It seems that some GPU owners have resorted to selling power to non-crypto projects following the Ethereum Merge. 1280 Total views...

Acala Network to resume operations after burning 2.7B in aUSD stablecoin

A total of 2.97 billion aUSD erroneously minted were recovered after the glitch. 650 Total views 12 Total shares...

California files order against Nexo interest account, says it’s 8th state to take action

The state Department of Financial Protection & Innovation says the crypto-interest account is an unqualified security; Nexo has limited the accounts since the...