On June 7, Checkout.com, an international payments processor that processes billions of dollars in online payments for businesses, announced on Twitter the new stablecoin settlement solution that will provide clients with 24/7 payment processing.
Checkout.com’s Head of Crypto Strategy, Jess Houlgrave, stated that the company is “investing heavily to ensure we can fulfil our mission to enable businesses and their communities to thrive in the digital economy – which we believe includes Web3 – and as we see the market reaction, we hope to see more merchants, both crypto-native and non-crypto native, adopt this.”
The settlement system will be powered by crypto payments technology from blockchain security company Fireblocks, and merchants will have real-time access to cash flow.
According to the company’s information, the technology will provide merchants with the advantage of automated conversion of funds received from clients—in this example, from received stablecoin into fiat.
Additionally, merchants will benefit from faster, on-chain, and borderless payment settlement.
Checkout.com will use USD Coin (USDC), a fully collateralized stablecoin tied to the US dollar that is now the second-largest in terms of market capitalization in the industry.
During the beta test for the new system, Checkout.com reported it handled over $300 million using USDC.
Apart from USDC, the company intends to support additional digital assets and is working on a pilot project with numerous crypto exchanges and merchants.
FTX, a cryptocurrency exchange, is said to be in the forefront of efforts to spread the programme overseas, alongside Binance and Crypto.com.
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