Checkout.com, a global payment processor that currently handles billions in online payments for merchants, has announced a new stablecoin settlement solution that will offer 24/7 payment processing for customers.
The settlement system will be powered by crypto payment technology from blockchain security platform Fireblocks, and merchants will enjoy seamless and flexible access to cash flows in real time.
According to details shared by the UK-headquartered company, the technology will provide traders with the benefit of automatic conversion of funds received from customers – in this case from stablecoins received into fiat currency.
Merchants will also benefit from faster, on-chain and borderless payment settlement.
Early Support for USD Coin (USDC)
Checkout.com will be using USD Coin (USDC), a fully collateralized stablecoin on the US dollar and which is currently the second largest in the region in terms of market capitalization.
Checkout.com said it has processed more than $300 million through USDC during the new system’s beta program.
Jess Holgrave, Head of Crypto Strategy at Checkout.com, said that the company “Investing heavily to ensure that we can fulfill our mission of enabling businesses and their communities to thrive in the digital economy – which we believe includes Web3 and as we see market response We expect to see more merchants, both crypto native and non-crypto native adopt it.,
In addition to USDC, the company plans to support other digital assets and has a pilot project involving several crypto exchanges and merchants.
Crypto exchange FTX is reportedly at the forefront of its plans to expand the initiative globally with other players including Binance and crypto.com.
