Checkout.com, a financial technology company, made an announcement on Tuesday stating that the company will allow merchant settlements through the stablecoin USDC. The settlements would be done via a partnership with Fireblock, a crypto firm.
Guillaume Pousaz founded the company in the year 2009. The company announced on Tuesday that it would allow the businesses to make payments in the Circle’s stablecoin USDC, aka usd coin. The new feature is made possible through a partnership between checkout.com and Fireblock. Fireblock is a crypto custody service provider that also boasts the launch of an institutional suite of Web3 services.
Other than that, Fireblock has also gotten into a partnership with Coins.ph. It was revealed that Fireblock’s custody management would be formally integrated into the platform of Coins.ph.
The vice president of payments at Fireblock, Ran Goldi, said that Checkout.com’s new USDC payment service would result in faster settlements even in non-banking hours.
He further stated that the merchant payouts are traditionally confined to 9-5 on weekdays, excluding public holidays. Batch processing further delays the payouts, and it takes several business days to get the work done. However, Goldi believes that accepting payments in USDC means that the merchants will not be restricted to arbitrary settlement times.
The company further detailed that a beta test was taken with the select clients. The company settled $300 million in transaction volume through the new feature. Through the beta test, the company has successfully tested, refined, and optimized ways for customers’ online fiat transactions to be paid through USDC to the merchants.
The head of the crypto strategy at Checkout.com, Jess Houlgrave, believes that stablecoin has numerous benefits. He stated that though stablecoin is merely a fiat-denominated asset that crypto traders use, it has the potential to play a fundamental role in improving the payment landscape.
Houlgrave further explained that the new feature would provide an end-to-end solution with the weekend merchant-side settlement capability, which shows the company’s dedication and commitment to the crypto industry.