Illustration. (Source: Vietnam+)
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Coinbase Global Inc. has unveiled a new platform designed to propel stablecoins as a primary payment method for online transactions.
This move is seen as a potentially significant step forward in promoting the widespread adoption of cryptocurrencies pegged to the US dollar.
The announcement comes on the heels of the US Senate passing a landmark stablecoin bill on June 17.
This development also comes at a time when major retailers are expressing increased interest in utilizing stablecoins for online payment transactions, an industry estimated to be worth approximately $6 trillion.
The use of this type of cryptocurrency has the potential to surpass traditional payment networks such as Visa Inc. and Mastercard Inc., as well as other online payment services.
Stablecoins are a type of digital currency whose value is pegged to a stable asset, such as fiat currency or gold, to maintain stability.
They are designed to minimize the price volatility typically associated with other digital currencies, making them more suitable for daily transactions and long-term investments.
“We’re building a new system that mirrors the credit card infrastructure, so it can easily integrate into existing processes without any disruption,” said a Coinbase spokesperson.
The Coinbase Payments platform is targeting e-commerce giants such as Shopify and eBay.
These platforms represent a valuable customer segment for payment processors as they provide a distribution channel for thousands of small and medium-sized enterprises (SMEs) that often seek to avoid the high fees associated with card acceptance.
Coinbase’s pioneer client is Shopify. The platform will collaborate with Coinbase and Stripe Inc. to enable Shopify merchants to accept payments in Circle’s stablecoin USDC through Coinbase’s Base Layer, a Layer 2 blockchain solution built on Ethereum.
Coinbase’s new payment service promises faster transaction processing speeds, lower costs, and immediate access to a global customer base for e-commerce platforms.
Notably, earlier this week, JPMorgan Chase & Co. also announced the pilot launch of its encrypted USD deposit program, JPMD, on the Base Chain.
Coinbase’s payment products include a payment toolkit that enables consumers to make payments easily from cryptocurrency wallets such as Coinbase Wallet, MetaMask, Phantom, and others.
Recently, Stripe also announced plans to acquire Privy, a company that helps merchants embed cryptocurrency wallets directly into their websites.
This allows them to accept stablecoin payments without redirecting customers to a third-party site to set up a wallet, a process that often causes inconvenience and lowers customer transaction completion rates.
Another key feature of the Coinbase platform is the connectivity layer for merchants and payment service providers, facilitating transaction authorization, refund handling, and subscription management.
The third component is a payment protocol that enables merchants to execute transactions directly on the blockchain.
The entire product suite is designed to make it effortless for online platforms and merchants to integrate stablecoin payments without requiring deep expertise in blockchain or cryptocurrency technology.
Additionally, Coinbase has announced an agreement to use USDC as collateral for futures contracts in the US.
According to a statement on the Coinbase website, Coinbase Derivatives is working with the clearinghouse Nodal Clear to engage with regulators, with the expectation that this will be the first time USDC is approved for use as collateral under regulatory oversight.
Minh Heng
– 14:52 06/19/2025
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