Checkout.com partners with Fireblocks for USDC stablecoin payments

Checkout.com partners with Fireblocks for USDC stablecoin payments

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The global payment provider Checkout.com unveiled a new stablecoin settlement solution today that will allow merchants to convert the cryptocurrency during customer transactions, opening up new opportunities for e-commerce.

A stablecoin is a type of cryptocurrency that maintains one-to-one parity with a traditional currency, such as the U.S. dollar, so that it always trades $1 for one token. In this case, Checkout.com will be using Circle’s USD Coin, or USDC, the second-largest stablecoin by market size.

In partnership with the crypto infrastructure company Fireblocks Inc., Checkout.com allows merchants to exchange USDC for USD instantly during checkout. According to a statement from the company, during a beta of the stablecoin payment product, it has already successfully facilitated the settlement of more than $300 million using USDC.

“Stablecoins started as a fiat-denominated asset used by crypto traders to easily move in and out of more volatile crypto assets,” said Jess Houlgrave, head of crypto strategy at Checkout.com. “But we believe they will also play a fundamental role in improving the underlying payment landscape.”

Accepting digital asset payments can be somewhat problematic for merchants, with payouts limited to 9 a.m. to 5 p.m. on weekdays, excluding public holidays in the U.S., and can be further delayed through batch processing. With Checkout.com and Fireblocks working together, merchants can expect 24/7 service, including weekends, and more readily adopt crypto settlement capabilities.

“Checkout.com’s weekend settlement means that merchants are no longer restricted by arbitrary settlement times,” said Ran Goldi, vice president of payments at Fireblocks. “With our in-house team’s deep knowledge and expertise in digital asset payments, Fireblocks looks forward to our continued collaboration with Checkout.com to bring even more game-changing solutions to the payments space.”

This represents Fireblocks’ continued push into the digital currency payments space, following the company’s acquisition of First Digital in February. First Digital’s settlement platform is focused on stablecoins and other cryptocurrency settlements for merchants, which added USDC settlements to Fireblocks’ services suite.

At launch, Checkout.com’s stablecoin settlements will support USDC, as mentioned, but the company already plans to include a wider range of other cryptocurrency assets in the future. To make that happen, Checkout.com has been working with crypto exchanges and merchants, including the exchange FTX.

Image: Pixabay

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