Coinbase Approves USDC to be Used With Coinbase Commerce

May 23, 2019 By: Nwabundo Wisdom

 

According to a report on May 20, Coinbase announced that it has approved USD Coin to be used with Coinbase Commerce service. This is exciting as businesses using Coinbase Commerce can now accept USD Coin as a medium for executing transactions.

USDC which is a US dollar-backed stablecoin is powered by Circle and Coinbase. The benefits of accepting USD Coin, apart from the fact that it is a stablecoin i.e. it has a stable price, is that businesses using Coinbase Commerce can execute transactions at: no costs, less time and full control over their assets.

Coinbase Commerce on the other hand, is a digital payment service which provides businesses with variety of cryptocurrencies, examples are Bitcoin, Ethereum and so on which can be accepted as a means of payment for transactions received into a wallet that is directly control by the merchant.

Therefore business previously using Coinbase Commerce as a medium for goods and those that are yet to can now enjoy the benefits of USD Coin while utilizing Coinbase Commerce, as it takes no time to integrate the payment service feature on their platforms.

The benefit of accepting USD Coin using Coinbase Commerce is the real-life experience it brings to play. It is just like a customer walking into a store and after shopping pays with the dollar bill, because USD Coin is a US dollar backed coin, making it just as the same and even better than the dollar bill as it has its limitations.

USD Coin also gives merchant the privilege to accept payment for transactions with zero cost from any part of the world as it is not affected by geographical limitations unlike traditional banking.

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