Shopify launches early access to USDC stablecoin payments on Base
Shopify plans to fully roll out USDC payments on Coinbase's Ethereum layer-2 (L2) network Base via Shopify Payments and Shop Pay later this year, the company announced on Thursday.
As part of the early access rollout, a limited number of merchants immediately have access to the full product, starting on June 13, a spokesperson for Shopify told Cointelegraph.
'We think that stablecoins are a natural way to transact on the internet and worked with Coinbase to develop the commerce payment protocol smart contract that powers this work,' Shopify CEO Tobi Lutke said in an X post on Thursday.
The new stablecoin payment feature by Shopify will also allow the company to offer buyer incentives like 1% cash back in local currency payouts in the future, the CEO noted.
The Shopify spokesperson said the new launch was both a technical build and a strategic partnership with the Base team.
'Buyers will need a wallet to pay with USDC. They can choose from hundreds of eligible wallets,' the representative added. Shopify taps Base for payments
Coinbase's Base blockchain is the fourth-largest network for USDC, with Base-issued USDC accounting for 6% of the stablecoin's total supply of $61 billion, according to data from USDC Transparency and CoinGecko.
Built by Coinbase, Base is an 'ultra-fast and affordable network that has emerged as a great way for moving money,' Shopify said. The company also mentioned that Base offers 'fast, cheap, and secure transactions' while providing a 24/7 global payment rail. The top five blockchains for USDC by supply at the time of writing. Source: USDC Transparency, CoinGecko
Since Shopify did not mention whether the company expects to consider the native support of more USDC chains or just some additional crypto assets and stablecoins, many online commentators were curious about the choice of Base.
'What's the point of narrowing your top of the funnel? You should support all chains that stripe via USDC supports,' one user wrote on X. Indirect Bitcoin support in place since 2013
Shopify's new USDC partnership with Coinbase is not its first endeavor into crypto.
Shopify has been indirectly supporting Bitcoin payments through gateway integrations since at least 2013, when the company officially announced that all of its 75,000 merchants were free to start accepting Bitcoin.
According to Shopify Help Center, Shopify allows merchants to integrate at least nine additional payment methods featuring a wide variety of supported crypto assets, through integrations with third-party gateways like BitPay, Solana Pay and more.
'Due to longer settlement times, cryptocurrency transactions can cause overselling in flash sales. Use a direct payment method like Shopify Payments for the best flash sale performance,' the help center's message notes.
The latest partnership between Shopify and Coinbase is not the first collaboration between the two companies using digital currency.
In 2019 and 2020, Coinbase and Shopify joined Meta's (formerly Facebook's) stablecoin project Diem, initially known as Libra. Following years of pushback from global regulators, the project was officially shut down in early 2022.
Source: https://cointelegraph.com/news/shopify-early-access-usdc-stablecoin-payments-base
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Crypto Insight
28 minutes ago
- Crypto Insight
Wrench attacks drive crypto investors to centralized custodians
Crypto custodians are reporting increased interest in their services amid the rising frequency of so-called '$5 wrench attacks' on cryptocurrency traders, investors and project leaders. In the last year, several high-profile wrench attacks — physical attempts to steal someone's crypto — have targeted prominent investors and business executives in the blockchain industry. The crypto mantra of 'not your keys, not your coins' has lost its power among some investors who fear for their personal safety. Cold wallets may offer full control over digital assets, but they also present a single point of attack. As crypto adoption grows, and wrench attacks persist with the proliferation of more high-value crypto investors, custodians are seeing a shift in preference from self-custody to institutional control. Crypto wrench attacks drive security demand Wrench attacks are nothing new. Jameson Lopp, a Bitcoin advocate and chief technology officer of Bitcoin wallet Casa, published a GitHub repository logging hundreds of such incidents since 2014 — and those were only the ones reported in the news. In the last two to three years, as crypto adoption has sped up and become more mainstream than ever, attacks have grown more public and sophisticated. In January 2025, the founder of crypto wallet Ledger and his wife, David and Amandine Balland, were kidnapped, taken to separate locations and held at ransom. Just months later, the daughter of an exchange founder barely fought off attackers who attempted to kidnap her in a van on the streets of Paris. Concern over the rise in attacks and their similar methods led French Interior Minister Bruno Retailleau to meet with cryptocurrency professionals to discuss the issue. As concern over these attacks grows, crypto custodians are noticing an uptick in interest in their services. Emma Shi, over-the-counter and institutional sales director of HashKey, which offers custody and exchange services, told Cointelegraph, 'We're absolutely seeing rising retail anxiety translate into meaningful inflows. Wealthier retail investors are increasingly approaching regulated custodians after high-profile cases like the recent Manhattan kidnapping, where physical coercion was used to access private keys.' Shi said HashKey's custody business has noted increased interest in storage from 'family offices, crypto-native high-net-worth individuals and even those with nest eggs that are large enough to be vulnerable to theft.' Cold wallets have long been lauded by crypto advocates as a way to give investors full control over their assets and to keep them maximally secure offline. However, this single key also provides a 'single point of failure,' per Wade Wang, CEO of multiparty computation (MPC) crypto custody service Safeheron. Wang said that there is a 'flight to security' among crypto investors, where holders 'are actively seeking innovative solutions that eliminate that single point of failure to significantly raise the bar for attacking.' Already in 2023, a report from PricewaterhouseCoopers on the state of digital custody noted the challenge of cold wallets being prone to theft or loss. One solution posited in the report was MPC or multisignature wallet options. Can custody services stop wrench attacks? Crypto self-custody, while boasting a new technology, runs into the same problem as treasure hoarders throughout history — they were vulnerable to physical attacks and theft until they could share that risk with a stronger and securer institution like a bank. Robbing a bank is a lot harder than robbing a person. In the same fashion, crypto investors are now seeking to 'raise the cost' of the $5 wrench attack. Wang said that investors wish to 'return to the fundamental principle: making the cost for an attacker rise exponentially. For example, when it costs $3 million to steal $10 million, the incentive for attack is lost.' Third-party custody can achieve this and mitigate the problem of wrench attacks, adding time-locks and layers of approval and shifting the target from an individual to the custodian's employees. 'But it is not an optimal solution,' per Wang. Trust is still put in a single, centralized institution and, as exemplified by the recent breaches at Coinbase and Bybit, even major regulated crypto businesses are vulnerable to employee misconduct and phishing. Wang suggested that distributed custody, such as MPC, 'is a superior solution because it fundamentally solves the problem. The core principle of MPC is to use technology to decentralize the single point of control and risk […] into a 'multiparty' structure.' In such a system, control doesn't belong to any one person, and transferring funds requires complex consensus protocols from multiple parties. Decentralized solutions may better reflect the ethos of the blockchain industry, but 'we cannot neglect the benefits of centralized custodians,' Wang said. 'Reliable security measures bring better assurance of keeping clients' assets safe, a familiar way of doing things for lots of new crypto players.' Centralized or decentralized, crypto investors could still be at risk if the public image of crypto investors is that they are all walking around with cold wallets full of Bitcoin. Shi said, 'The perception of risk matters, too. Attackers often assume holders store funds themselves, so public awareness that more crypto is held in custodial solutions may deter opportunistic assaults.' Wrench attacks a 'temporary problem' solved by adoption Public perception is indeed changing. Retail investors are increasingly making crypto part of their portfolio, according to a 2024 report from Ernst & Young. New regulations in large financial markets like the EU and the US are creating the frameworks necessary for institutional investors to get involved. This regulatory shift has been good for the custody industry as well, as it 'legitimizes professional custody for everyday investors and is leading to more offerings from not only crypto-native firms but traditional banks as well,' said Shi. 'We're seeing crypto adoption accelerate in regions with regulatory clarity, which creates entirely new custody considerations for investors who previously relied solely on self-custody solutions.' Regulations also raise the stakes of wrench attacks, per Wang. Better regulatory frameworks with more jurisdictions 'proactively setting robust regulations' will 'inevitably lead to more severe law enforcement actions, which will significantly increase the cost of such attacks and fundamentally curb such behaviors.' 'We see the physical attacking as a temporary challenge,' Wang concluded. The crypto industry has evolved through many stages, but the rise of wrench attacks on prominent investors and executives shows that it has yet to reach the maturity of traditional financial markets. In the meantime, executives are not only moving their assets to centralized and decentralized custodians but also finding muscle of their own. Personal security firms have also seen an uptick in interest from crypto's elite to protect their homes and persons. Source:
Khaleej Times
4 hours ago
- Khaleej Times
Trump, EU chief seek deal in transatlantic tariffs standoff
US President Donald Trump and EU chief Ursula von der Leyen prepared to meet Sunday in Scotland in a push to resolve a months-long transatlantic trade standoff that is going down to the wire. Trump has said he sees a 50-50 chance of reaching a deal with the European Union, having vowed to hit dozens of countries with punitive tariffs unless they hammer out a pact with Washington by August 1. The EU is currently facing the threat of an across-the-board levy of 30 percent from that date. Von der Leyen's European Commission, negotiating on behalf of the EU's member countries, has been pushing hard for a deal to salvage a trading relationship worth an annual $1.9 trillion in goods and services. Any deal with the United States will need approval by all 27 member states. EU ambassadors, on a visit to Greenland, were to meet Sunday morning to discuss the latest negotiations -- and again after any accord. Sunday's sit-down between Trump and the EU chief was to take place at 4:30 pm (1530 GMT) in Turnberry, on Scotland's southwestern coast, where Trump owns a luxury golf resort. The 79-year-old American leader said Friday he hoped to strike "the biggest deal of them all" with the EU. "I think we have a good 50-50 chance" of a deal, the president said, citing sticking points on "maybe 20 different things". He praised von der Leyen as "a highly respected woman" -- a far cry from his erstwhile hostility in accusing the EU of existing to "screw" the United States. But late-night EU talks with US Commerce Secretary Howard Lutnick on Saturday to hammer out the final details were "combative at times," The Financial Times reported. As of Saturday evening, there were "still quite a few open questions" -- notably on pharmaceutical sector tariffs, said one EU diplomat. Tariff levels on the auto sector were also crucial for the Europeans -- notably France and Germany -- and the EU has been pushing for a compromise on steel that could allow a certain quota into the United States before tariffs would apply. Baseline 15% According to European diplomats, the deal on the table involves a baseline levy of around 15 percent on EU exports to the United States -- the level secured by Japan -- with carve-outs for critical sectors including aircraft, lumber and spirits excluding wine. The EU would commit to ramp up purchases of US liquefied natural gas, along with a series of investment pledges. Hit by multiple waves of tariffs since Trump reclaimed the White House, the EU is currently subject to a 25-percent levy on cars, 50 percent on steel and aluminium, and an across-the-board tariff of 10 percent, which Washington threatens to hike to 30 percent in a no-deal scenario. The EU has focused on getting a deal with Washington to avoid sweeping tariffs that would further harm its sluggish economy, with retaliation as a last resort. While 15 percent would be much higher than pre-existing US tariffs on European goods -- at 4.8 percent -- it would mirror the status quo, with companies already facing an additional flat rate of 10 percent. Should talks fail, EU states have greenlit counter tariffs on $109 billion (93 billion euros) of US goods including aircraft and cars to take effect in stages from August 7. Brussels is also drawing up a list of US services to potentially target. Beyond that, countries like France say Brussels should not be afraid to deploy a so-called trade "bazooka" -- EU legislation designed to counter coercion through trade measures which involves restricting access to its market and public contracts. But such a step would mark a major escalation with Washington. Ratings dropping Trump has embarked since returning to power on a campaign to reshape US trade with the world. But polls suggest the American public is unconvinced, with a recent Gallup survey showing his approval rating at 37 percent -- down 10 points from January. Having promised "90 deals in 90 days," Trump's administration has so far unveiled five, including with Britain, Japan and the Philippines. Early Sunday, ahead of his meeting with Von der Leyen, Trump was out again on the golf course, having spent most of Saturday playing at Turnberry amid tight security. The trip to Scotland has put physical distance between Trump and the scandal around Jeffrey Epstein, the wealthy financier accused of sex trafficking who died in prison in 2019 before facing trial. In his heyday, Epstein was friends with Trump and others in the New York jet-set, but the president is facing backlash from his own MAGA supporters demanding access to the Epstein case files. With the uproar refusing to die down, a headline agreement with the EU -- in addition to bolstering Trump's dealmaker credentials -- could bring a welcome distraction.
Khaleej Times
5 hours ago
- Khaleej Times
Battling tariffs is no trivial pursuit for US games retailer
At a strip mall in Maryland, a miniature landscape extends across a table between Dash Krempel and his friend as a war game unfolds. But their hobby is becoming more expensive as US tariffs take a toll. Krempel, 29, told AFP the cost of models for tabletop games have surged from inflation, and continued rising since US President Donald Trump imposed sweeping tariffs on trading partners this year. UK-made figurines that cost $60 around three years ago now go for $94.50, he said. "Prices have gotten bigger," he added. "It's a very expensive hobby to begin with, so it's maybe pricing a lot of people out." Instead of buying more products, he now tries to support retailer Game Kastle College Park by renting tables to play in-store. For the shop's owner, Boyd Stephenson, stocking new board games, paints and hobby supplies has only become more challenging. To avoid the harshest of Trump's tariffs, some suppliers had to delay shipments or postpone new releases. As they raised their suggested retail prices, so has Stephenson at Game Kastle. About a fifth of his store's products have seen cost hikes, with increases ranging from 5 percent to 20 percent. "If we see higher prices or higher tariffs, I'm going to see higher wholesale prices, and then I have to raise my prices accordingly," he said. Asked what percentage of his store relies on imports, Stephenson replied: "Almost all of it." No capacity Stephenson estimates some 7,000 board games were released last year from 5,000 different companies. "You're really looking at 5,000 different approaches (to tariffs)," he said. "Some producers are saying, 'We're going to eat the cost.' Some producers are saying, 'We're passing the cost through all the way.' And other producers are doing some sort of mix of that." Like other US retailers, Stephenson could face more cost pressures come August 1, when steeper tariffs are set to hit dozens of economies like the European Union and India. The elevated rates mark an increase from the 10 per cent levy Trump imposed on goods from most economies in April. While China -- a crucial manufacturing hub for games -- is temporarily spared, Trump has separately imposed fresh 30 percent tariffs on products from the world's second biggest economy this year. US tariffs on Chinese products could return to higher levels from August 12 if officials fail to extend their truce. Yet, there is no quick fix to return manufacturing to the United States. "US manufacturers just don't have the capacity to do that anymore," said Stephenson, showing an intricate board game figurine. "Really, the people that are good at that, that's China," he said. "The best modeling paints come from Spain." "So if you see tariffs get put up on the EU, then all of a sudden I'm going to have to pay higher prices on modeling paint when I bring it into the country," he added. Trump has threatened the bloc with a 30 percent tariff. 'Universally bad' Stephenson tries to absorb some cost hikes, but said: "I have to be able to pay the staff, pay the electric company, pay the landlord." Trump's on-again, off-again approach to duties has also made suppliers' price changes more unpredictable. "What is always universally bad for business is uncertainty," Stephenson said. He usually stocks up on inventory ahead of the year-end holiday season, but expects to be more strategic with purchases this year to avoid unwelcome surprises. Many companies are delaying merchandise imports as they lack certainty, said Jonathan Gold, vice president of supply chain and customs policy at the National Retail Federation. "When the product is brought into the country and entered into commerce, you have 15 days to pay your tariff bill," he said. This causes problems when tariff rates change and businesses lack funds to pay for orders. Some businesses, and industry group the Game Manufacturers Association, have mounted legal challenges against Trump's blanket tariffs hitting various countries, noting nearly 80 percent of tabletop games sold in the US are made abroad. But such complaints are an uphill battle. "The damage, especially for small retailers, has been significant," Gold said.
