On Tuesday, fintech company Checkout.com announced that it will allow merchant settlements using the stablecoin USDC through a partnership with crypto firm Fireblocks. Checkout.com further elaborated that in a beta test with select customers, the company settled $300 million in transaction volume by leveraging the USDC stablecoin.
Checkout.com takes advantage of stablecoin USDC
Checkout.com has announced that it will be using USDC for trading settlements. The company, founded in 2009 by Guillaume Pousaz, said it would allow businesses to make and accept payments in Circle’s stablecoin USD Coin (USDC). Checkout.com’s new stablecoin settlement service is through a partnership with the firm Fireblocks, a crypto custody service provider that has just launched an institutional suite of Web3 services.
On the same day as the Checkout.com announcement, Coins.ph partnered with Fireblocks and revealed that fiat and crypto wallet service provider, Fireblocks will integrate custody management into Coins.ph’s platform. Fireblocks vice president of payments Ran Goldie explained that Checkout.com’s new USDC payments service will allow for much faster settlement times during non-banking hours.
“Traditionally, merchant payments are limited to 9-5 on weekdays excluding public holidays and are further delayed through batch processing over several business days,” Goldie said in a statement on Tuesday. “Checkout.com’s weekend settlement means merchants are no longer restricted by arbitrary settlement times.”
The announcement further notes that select Checkout.com customers have already tested the new USDC feature in the beta version of the service. “During beta, Checkout.com successfully tested, refined and optimized methods for online fiat transactions of customers paying merchants via USDC,” the company announced details. Jess Holgrave, Head of Crypto Strategy at Checkout.com, believes that stablecoins offer a variety of benefits.
Hallgrave explained: “Stablecoins began as a fiat asset used by cryptocurrency traders to easily move in and out of more volatile crypto assets, but we believe they can improve the underlying payment landscape.” Will play a fundamental role in “The fact that we are the first full-stack payment provider to successfully pilot an end-to-end solution with weekend merchant-side settlement capability is a testament to our commitment to crypto.”
What do you think about Checkout.com using USDC for settlement services? Let us know what you think about this topic in the comment section below.
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