Checkout.com has announced on Tuesday that merchant settlements can now be made using USDC, in partnership with Fireblocks. Checkout.com explained that $300 million was settled in transactions using the USDC stablecoin in beta testing with selected clients.
Use Checkout.com to leverage the Stablecoin USDC
Checkout.com announced that it will use USDC to settle merchant transactions. The company, founded in 2009 by Guillaume Pousaz, said it will allow businesses to make payments in, and accept, 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 just launched an institutional suite of Web3 services.
On the same day as the Checkout.com announcement, Coins.ph partnered with Fireblocks and revealed the fiat and crypto wallet service provider will integrate Fireblocks’ custody management into Coins.ph’s platform. Ran Goldi, Fireblocks’ vice president of payments, explained that Checkout.com’s new USDC payment service will allow much faster settlement times and during non-banking hours.
“Traditionally, merchant payouts are limited to 9-5 on weekdays excluding public holidays and are further delayed through batch processing over several business days,” Goldi said in a statement on Tuesday. “Checkout.com’s weekend settlement means that merchants are no longer restricted by arbitrary settlement times.”
Further, Checkout.com announced that customers who have used the USDC feature were able to test it in the beta version. “During the beta, Checkout.com successfully tested, refined and optimized ways for customers’ online fiat transactions to be paid to merchants through USDC,” the company’s announcement details. Jess Houlgrave from Checkout.com is responsible for crypto strategy. Stablecoins are believed to offer many benefits.
“Stablecoins started as a fiat-denominated asset used by crypto traders to easily move in and out of more volatile crypto assets, but we believe they will also play a fundamental role in improving the underlying payment landscape,” Houlgrave explained. “The fact that we’re the first full-stack payments provider to successfully pilot an end-to-end solution with weekend merchant-side settlement capability is testament to our commitment to crypto.”
How do you feel about Checkout.com using USDC to settle its transactions? Please comment below to let us know your thoughts on this topic.
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