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Usha Yadav
Jun 7, 2022
by Usha Yadav

Checkout.com Starts Accepting Stablecoins in Major Crypto Push

Checkout.com stablecoins

Table of contents

  1. Stablecoin Settlement System
Checkout.com, a global payment processor, has launched a new stablecoin settlement system that will allow merchants to receive crypto payments from their consumers in real-time, potentially expanding the use cases of stablecoin in e-commerce. The stablecoin settlement system is centered on Circle's USD Coin (USDC), the second-largest stablecoin by market value, and allows businesses to convert USDC payments into cash upon receipt automatically. Merchants will have access to the service 24 hours a day, seven days a week, which means payments will be processed on weekends and holidays and during regular business hours.

Checkout.com's head of crypto strategy, Jess Houlgrave, said,

"The feature will allow merchants to settle payments even on weekends and public holidays, something that's not currently possible with fiat currencies,"

Stablecoin Settlement System

Stablecoins are an essential aspect of the cryptocurrency market because they allow investors to quickly move in and out of digital currencies without going through a bank. USDC is the world's second-largest stablecoin, with a circulating supply of more than $50 billion.

Checkout.com's stablecoin settlement system will initially only serve USDC, but there are plans to expand to a more extensive range of assets in the future. Checkout.com, rebranded in 2012 as a cloud-based payments system, has made a significant move into digital assets and Web3, forming relationships with prominent crypto firms such as Coinbase, Crypto.com, FTX, and MoonPay. The company secured a $1 billion Series D financing round in January with a valuation of $40 billion.

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Checkout.com Starts Accepting Stablecoins in Major Crypto Push
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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