Checkout.com adds support for stablecoins

Online payment company Checkout.com has confirmed that it will settle transactions carried out in stablecoins on its platforms.

The $40bn payment processor is catching up to others, including PayPal and Stripe, with a solution that will allow merchants to accept payments for goods in stablecoins.

This comes despite a crashing cryptocurrency market and reflects the company’s long-term strategy in the space.

The company will accept payments primarily carried out in USD Coin (USDC), a stablecoin that is pegged to the value of the US dollar at a rate of one USDC for one US dollar.

The new checkout option comes as part of a partnership with Fireblocks, a company that specializes in crypto security around the clock.

Stablecoins are considered to be some of the most reliable currencies in the market. They enable companies, consumers and payment transactors to plunge into the world of cryptocurrencies with a little more security than standard crypto.

Presently, USDC is the second biggest stablecoin in terms of capitalization, estimated at $50bn.

Other payment processors are also flirting with cryptocurrencies, including established brands such as MasterCard and Visa.

Checkout.com has already tested the feature and argues that it’s a reliable solution for its company and will carry on with the product, enabling merchants to make a purchase.

For those of you who have been using USDC recreationally, you have probably visited Bitcasino, 1xBit and FortuneJack. These cryptocurrency casinos allow you to bet directly in USDC!

Source

Updated: 06/09/2022 — 09:00