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Shopify Taps Coinbase and Stripe to Roll Out USDC for 700M Global Shoppers
- Shopify has launched early access for USDC payments through Coinbase's Base network, with a full rollout planned later this year.
- The integration offers fast, low-cost on-chain payments with global reach and potential 1% cash back incentives for users.
- Coinbase's Base network powers the initiative, providing efficient blockchain infrastructure for Shopify's stablecoin feature.
- Shopify Payments and Shop Pay will support USDC payments, allowing users to transact directly with the stablecoin on-chain.
- Shopify CEO Tobi Lutke sees stablecoins as a natural means of online transactions, aiming to simplify commerce through blockchain technology.
- The partnership is set to expand to all Shopify merchants globally within the year, showcasing Base's growing presence in stablecoin transactions.
- Shopify's crypto roadmap includes plans for more buyer perks, such as potential cash back rewards and support for merchants across 34 countries.
- Stripe's expanded partnership with Shopify will facilitate the integration, allowing for seamless operations without requiring merchants to change existing systems.
- Shopify has been involved in crypto payments since 2013, supporting various cryptocurrencies, including Bitcoin, and collaborating with firms like Coinbase in the past.
- Despite its crypto-friendly stance, Shopify recommends native systems like Shopify Payments for flash sales due to blockchain transactions' slower settlement times.
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