Today, Shopify is rolling out USDC payments on Base, a move that could significantly impact the integration of cryptocurrencies into e-commerce. This initiative, announced on Thursday, marks a major step towards mainstream adoption of crypto payments.
The feature will initially be available in early access, with a full rollout to all merchants planned throughout the year, according to Shopify CEO Tobi Lutke. This expansion is a collaboration with Coinbase and Stripe, utilizing the Commerce Payments Protocol.
The Commerce Payments Protocol, an open-source initiative, addresses complex payment mechanics like refunds and multi-stage deliveries, which were previously challenging for on-chain transactions. The protocol also enables merchants to offer buyer incentives, such as 1% cashback. Coinbase CEO Brian Armstrong highlighted this as a significant moment for crypto's integration into the financial system. Shares in both Shopify and Coinbase dropped around 4% on Thursday.