Key Highlights
- Checkout.com partnered with Coinbase Payments to support stablecoin payments for enterprise merchants.
- Customers can pay with USDC and USDT, while merchants continue receiving settlements in USD.
- Growing stablecoin usage is reflected in $10.2 trillion of adjusted transaction volume over the past year, according to Visa data.
Checkout.com, a payment service provider serving over 1,000 enterprise clients, is integrating stablecoin acceptance through Coinbase Payments. The move, announced on Tuesday, allows eligible merchants to accept USDC and USDT from consumers while settling in traditional USD, without overhauling their existing payment infrastructure.
According to the official announcement, merchants on the Checkout.com platform can now offer stablecoins as a payment option alongside cards, bank transfers, and digital wallets, without needing to build separate crypto infrastructure.
According to the company, consumers will be able to pay using stablecoins, particularly in markets where local currencies are volatile or access to traditional payment methods is limited. However, merchants face no currency conversion risk, as Coinbase Payments handles the buyer and merchant payment experience via APIs, while Checkout.com manages USD settlement.
Stablecoins mark notable growth in transaction volume
According to Visa’s on-chain analytics, adjusted stablecoin transaction volume reached $10.2 trillion over the past 12 months, marking a 63% increase year-over-year. While much of this activity still occurs within crypto ecosystems, such as transfers between exchanges and wallets, the data points to expanding real-world utility.
Proponents see stablecoins as a faster and potentially lower-cost alternative for cross-border and digital payments. For large digital brands, the partnership is intended to offer a low-friction way to tap into customers who already hold stablecoins.
ECB officials warn about stablecoins despite mentioning potential benefits
Christine Lagarde, president of the European Central Bank, recently discussed stablecoins, stating, “Stablecoins have grown from less than USD 10 billion six years ago to more than USD 300 billion today.” She added, “They are overwhelmingly denominated in US dollars, and nearly 90% of the market is controlled by two issuers, Tether and Circle, based in El Salvador and the United States, respectively.”
Meanwhile, just a day ago, the European Central Bank (ECB) issued a direct warning regarding how the rapid growth of stablecoins could reshape global finance. Isabel Schnabel, Executive Board Member of the ECB, warned that if consumers and businesses began moving funds from bank deposits into stablecoins, banks could go through a less stable funding base and become increasingly dependent on wholesale markets.
Moreover, she mentioned the benefits of stablecoins as bringing financial innovation, including money market funds and historical forms of privately issued money.
Pattern of testing stablecoin integrations
The collaboration fits into a wider pattern of payment processors and fintech companies testing stablecoin integrations. Rather than replacing existing systems, the approach layers stablecoin acceptance on top of established infrastructure. Coinbase has been actively promoting its payments business, positioning stablecoins as efficient tools for cross-border and digital transactions.
The companies have not disclosed specific targets for transaction volume or merchant uptake. Success will likely depend on how many enterprise clients choose to activate the feature and whether consumers actually use stablecoins at checkout in meaningful numbers.
This partnership also reflects a pragmatic middle ground in the ongoing convergence between traditional payments and cryptocurrency. Instead of requiring merchants to overhaul their systems, it offers stablecoins as an additional option. Whether this leads to widespread adoption or remains a niche feature will be determined by real-world usage in the coming months.
Also Read: Wall Street, Not Crypto, Could Be Behind Bitcoin’s Weakness: Binance
