Checkout.com, an online payment service provider, has deployed a stablecoin settlement solution using the new Fireblocks crypto payment technology, which allows merchants to accept or make payments around the clock.
Fireblocks is a platform provider that allows businesses to move, store, and issue digital assets.
According to a June 7 report, Checkout.com is the first payment service provider to offer merchants automatic fiat-to-stablecoin conversions. Press release.
The payment service provider will initially support USD Coin (USDC), the second largest stablecoin by market cap. However, the company said it plans to use more digital assets over time.
Jess Holgrave, head of crypto strategy at Checkout.com, said:
“Stablecoins started out as fiat-denominated assets used by crypto traders to easily enter and exit more volatile crypto assets, but we believe they will also play a fundamental role in improving the underlying payment system.”
Explaining how the stablecoin settlement solution will impact merchants, Fireblocks VP of Payments Ran Goldie said:
“Traditionally, payouts to sellers are limited to 9-5 on weekdays, excluding public holidays, and are further delayed due to batch processing over several business days. Checkout.com weekend settlement means merchants are no longer limited to arbitrary settlement times.”
Prior to this launch, Checkout.com launched a beta version of the US dollar billing feature. Under the beta program, the company processed more than $300 million in US dollar settlements.
Checkout.com is now aiming to launch the product globally and FTX will be one of the first firms to use it.
Growing Appetite for Cryptocurrency
News comes after Checkout.com published his report titled “Cryptocurrency Demystification: Shedding Light on Acceptance of Digital Currencies for Payments in 2022”.
The report notes that 40% of consumers aged 18 to 35 plan to use cryptocurrencies and stablecoins to pay for goods and services, with 36% of CFOs interviewed in the report saying they would like to make some payments in stablecoins and hold them. . on their balance sheets.
According to the report, the growing appetite for stablecoins is due to the fact that B2B transactions using stablecoins continue to gain popularity among enterprises.
Previously, Stripe, a competitor to Checkout.com, resumed Bitcoin (BTC) payments after suspending service four years ago. The company has also implemented a crypto payout feature that supports USD payments for Twitter creators.
Meanwhile, financial watchdogs are increasingly trying to regulate stablecoins following the collapse of TerraUSD (UST). Japan passed a law last week restricting the issuance of stablecoins by licensed banks, registered money transfer agents and trust companies. The law comes into force in 2023.
Credit : cryptoslate.com