Checkout.com, a global payment processor, has launched a new stablecoin settlement system that will allow merchants to receive crypto payments from their consumers in real-time, potentially expanding the use cases of stablecoin in e-commerce. The stablecoin settlement system is centered on Circle’s USD Coin (USDC), the second-largest stablecoin by market value, and allows businesses to convert USDC payments into cash upon receipt automatically. Merchants will have access to the service 24 hours a day, seven days a week, which means payments will be processed on weekends and holidays and during regular business hours. Checkout.com’s head of crypto strategy, Jess Houlgrave, said, “The feature will allow merchants to settle payments even on weekends and public holidays, something that’s not currently possible with fiat currencies,” Our Head of Crypto Strategy, @jesshoulgrave, on stage at @money2020 announcing the launch of our stablecoin settlements solution 🙌#Money2020EU pic.twitter.com/ItCzjNfNMD — Checkout.com (@Checkout) June 7, 2022 Stablecoin Settlement System Stablecoins are an essential aspect of the cryptocurrency market because they allow investors to quickly move in and out of digital currencies without going through a bank. USDC is the world’s second-largest stablecoin, with a circulating supply of more than $50 billion. Checkout.com’s stablecoin settlement system will initially only serve USDC, but there are plans t...
