- An online payments company allows merchants to settle payments in stablecoin.
- This feature enables merchants to pay using USDC.
- The firm plans to add a wide range of digital-assets in future.
The entire crypto community is aware of the recent market collapse while the stablecoin crash like UST has made the holders tremble. Though there’s been growth in terms of crypto adoption, the latest crash has raised questions about the structure of cryptocurrencies. Despite this, several firms initiated accepting cryptocurrencies by adding them to the payment options.
Significantly, an online payments company Checkout.com announces that it will use stablecoins to settle payments for its merchants. It is a financial service firm that competes with major ones like PayPal and Stripe. However, the firm confirmed on Tuesday about launching the feature which allows merchants to settle payments using USDC. USD Coin is a popular stablecoin in the market that is pegged with the US dollar. This feature is implemented by partnering with a crypto-security company, Fireblocks.
Major Financial Firm Into Crypto
In fact, Stablecoin plays a major role in the crypto-market as it helps investors to trade in and out easily. Thus, the largest stablecoin is Tether(USDT) and the second-largest stablecoin is USDC. The report says that Checkout.com has already tested with selective clients and executed $300 million in transactions in the last several months.
Moreover, the firm allows merchants to transact payments even on weekends and public holidays which is not possible with fiat currencies. Checkout.com’s head of crypto strategy, Jess Houlgrave stated that:
“We’re spending aggressively to guarantee that we can achieve our purpose of enabling businesses and communities to thrive in digital-economy. In which we believe includes Web3 – and as the market reacts, we expect to see more merchants, both crypto native and non-crypto native, adopt this.”
According to the company, the future plan is to grow its settlement option from only stablecoin to a wider range of digital-assets. Furthermore, the major cryptocurrency exchange, FTX, was one of the first to use Checkout.com’s test program. Thus the surge in crypto adoption resembles the future gains in the crypto industry.