Merchants may now accept and make payments in USDC
according to Checkout.com
Checkout.com, a financial technology business, said on Tuesday that it has partnered with the crypto startup Fireblocks to allow merchant payments using the stablecoin USDC. Checkout.com also said that it resolved $300 million in transaction volume using the USDC stablecoin in a beta test with a small group of clients.
Checkout.com has claimed that it will adopt USDC for merchant payments. According to the firm, businesses will be able to make and accept payments in Circle's stablecoin USD coin. Checkout.com has partnered with Fireblocks, a crypto custody service provider that recently released an institutional suite of Web3 services, to offer a new stablecoin settlement solution.
Coins.ph announced a partnership with Fireblocks on the same day as Checkout.com, revealing that the fiat and crypto wallet service provider will incorporate Fireblocks' custody management into Coins.ph's platform. According to Ran Goldi, Fireblocks' vice president of payments, Checkout.com's new USDC payment solution will allow for substantially quicker settlement periods and also during non-banking hours.
"Traditionally, merchant payouts are constrained to 9-5 on weekdays omitting public holidays, and batch processing take several business days," Goldi said in a statement on Tuesday. "With Weekend Settlement on Checkout.com, retailers are no longer bound by restrictive settlement times."
Several Checkout.com clients have already tried the new USDC functionality in a beta version of the service, according to the statement. According to the company's release, "during the beta, Checkout.com effectively tested, polished, and optimized ways for consumers' online fiat transactions to be remitted to merchants using USDC." Stablecoins, according to Jess Houlgrave, the director of a crypto strategy at Checkout.com, provide a number of advantages.
"Stablecoins began as a fiat-denominated asset used by crypto traders to conveniently move in and out of more volatile crypto assets," Houlgrave added, "but we think they will also play a critical role in enhancing the core payment environment." "Our dedication to crypto is demonstrated by the fact that we're the only full-stack payments provider to effectively evaluate an end-to-end solution with weekend merchant-side settlement capabilities."