On Tuesday, financial technology company Checkout.com, through its partnership with crypto firm Fireblocks, announced that it will allow merchants to settle using the stablecoin USDC The company has announced that it will allow merchants to use the stablecoin USDC to make payments. Checkout.com further revealed that it has settled $300 million in transaction volume utilizing the USDC stablecoin in beta testing with select clients.
Checkout.com Leverages Stablecoin USDC
Checkout.comhas announced that it will utilize USDC for merchant settlement.Founded in 2009 by Guillaume Pousaz, the company has been working with Circle’s stable coin, USD Coin (USDC)It has announced that it allows and accepts payments in . Checkout.com’s new stablecoin payment service is a partnership with the company. Fireblocksin partnership with Fireblocks. Checkout.com’s new stablecoin payment service is the result of a partnership with Fireblocks, a crypto-custody service provider offering Web3 services.
On the same day as Checkout.com’s announcement, Coins.ph announced that it is partnering with Fireblocks to integrate Fireblocks’ custody management into the Coins.ph platform by Fiat and crypto wallet service providers. Ran Goldi, Vice President of Payments at Fireblocks, explained Checkout.com’s newUSDCpayment service, which will significantly reduce settlement times and allow payments to be made during non-banking hours
“Previously, merchant payments were limited to weekdays from 9-5, excluding holidays, and were further delayed by batch processing that spanned several business days,” Goldiesaid in a statement Tuesday. Checkout.com’s weekend settlement means merchants are no longer constrained by arbitrary settlement times.”
{In addition, some Checkout.com customers have announced that they have already tested the new USDC feature in a beta version of the service. Details of the company’s announcement follow: “During the beta period, Checkout.com successfully tested, refined, and optimized the way customers’ online fiat transactions are paid to merchants through USDC.” Checkout.com’s head of crypto strategy Jess Houlgrave believes that stablecoins offer a variety of advantages.
“Stable coins started out as fiat denominated assets that crypto traders use to easily move more volatile crypto assets in and out,” Houlgrave explained, “but we also believe they play a fundamental role in improving the underlying payment landscape.” The fact that we are the first full-stack payment provider to successfully pilot an end-to-end solution with weekend merchant-side payment capabilities is a testament to our commitment to crypto.”
Image credit: Shutterstock, Pixabay, Wiki Commons