Shopify Targets Stablecoin Payments via USDC on Base Blockchain
Global e-commerce leader Shopify is steadily moving forward with the implementation of stablecoin payments via Circle’s USDC, in collaboration with cryptocurrency exchange Coinbase.
Shopify has announced plans to fully deploy USDC payment processing on Coinbase’s Ethereum layer-2 network Base. The integration will utilize Shopify Payments and Shop Pay infrastructure, with the rollout scheduled throughout the year following the initial early access phase.
“We believe stablecoins naturally fit as a transaction medium on the internet. We’ve partnered with Coinbase to develop the commerce payment protocol smart contracts underpinning this initiative,” stated Shopify CEO Tobi Lutke in an X post.
Looking ahead, the company indicated that these features could potentially enable cashback incentive programs in local currencies, further enhancing its merchant offering capabilities.
Base Blockchain Integration
“Base presents an ultra-fast and affordable solution that has emerged as an efficient means for facilitating commerce transactions,” noted the company statement. “The network offers fast processing times, low fees, and secure transactions while providing a 24/7 global payment infrastructure.”
Coinbase’s Base network currently ranks as the fourth-largest Ethereum L2 for USDC transactions, with approximately 6% of the $61 billion USDC supply deployed on its platform.
Industry observers have questioned the strategic focus on Base versus other potential USDC-compatible networks, noting the platform selection appears somewhat limited compared to Stripe’s broader support for various USDC-compatible chains.
Previous Crypto Experimentation
While this marks their latest venture into digital assets, Shopify had earlier experience with cryptocurrency adoption. Since at least 2013, merchants on its platform have been able to accept Bitcoin transactions through gateway integrations.
In addition to indirect Bitcoin support, Shopify has integrated approximately nine payment gateway options, enabling merchants to accept various cryptocurrencies including those compatible with different USDC chains.
Notably, this new collaboration between Shopify and Coinbase is not their first attempt at joint cryptocurrency initiatives. The companies previously partnered on Meta’s now-defunct Diem/Libra stablecoin project during 2019 and 2020.
The Diem project was eventually shut down amid global regulatory pushback, but this collaboration demonstrates the evolution of Shopify’s approach to digital assets as the market and infrastructure continue to mature.
