The post Stripe To Support Base Amid Coinbase Partnership appeared on BitcoinEthereumNews.com.

Stripe will roll out support for USDC on Base. Stripe, the multinational payments firm that processed more than $1 trillion in volume last year, has teamed up with Coinbase in the company’s latest foray into crypto. Announced on June 27, Stripe said it is readying to launch support for USD Coin (USDC) on Base, the Layer 2 network incubated by Base. Per the deal, U.S.-based Stripe users will be able to use the platform’s fiat-to-crypto onramp to convert U.S. dollars into USDC. Stripe will also enable users to send USDC to users in more than 150 countries via its “crypto payouts” feature. Coinbase will also incorporate Stripe’s fiat-to-crypto onramp into Coinbase Wallet, allowing users to purchase cryptocurrency via credit cards and Apple Pay. “These three key integrations lay a strong foundation for Stripe and Coinbase to begin building a better payments future for users around the world,” Coinbase said. USDC is the second-largest stablecoin, despite shedding 40% of its market cap after peaking at $55 billion in June 2022. USDC currently boasts a $32.6 billion market cap, according to The Defiant’s crypto price feeds. Stripe returns to crypto Stripe’s partnership with Coinbase is the company’s latest foray into crypto after tentatively resuming support for digital assets in April. At the time, the company rolled out services allowing merchants to accept stablecoins as payment for online transactions and enabled USDC payouts for Twitter creators via the Solana and Ethereum networks. “Crypto is back,” said John Collison, Stripe’s co-founder and president. “Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat.” Stripe first added support for Bitcoin payments in early 2014 but ceased the service in 2018, stating that a combination of increasing transaction confirmation times and rising fees were undermining BTC’s value proposition…

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Filed under: News - @ June 28, 2024 8:22 pm