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Solana Pay is now connected to Shopify thanks to the integration of a plug-in that allows the e-commerce giant's customers to connect Solana-based crypto-wallets and pay.
Circle Internet Financial, the sole overseer of the USDC stablecoin, is reportedly gearing up to unveil the stablecoin's integration onto six additional blockchains.
In a monumental and groundbreaking development, the world of cryptocurrency has witnessed a significant strategic shift as Coinbase, a prominent cryptocurrency exchange, has made a move to acquire a minority stake in Circle Internet Financial. This event comes hand in hand with the dissolution of the Centre Consortium partnership, which played a crucial role in the governance of USD Coin (USDC), the second-largest stablecoin globally.
Solana Pay, a decentralized payment protocol developed by Solana Labs, has made a significant stride by integrating its plug-in with Shopify. This integration allows millions of businesses on Shopify's platform to accept payments in USDC, the second-largest stablecoin with a market capitalization of $25.9 billion.
Solana Pay, the payment protocol built on the Solana blockchain, is now plugged into e-commerce giant Shopify, allowing users to pay in USD Coin (USDC), the companies announced Wednesday.
The Solana Foundation says payments through the plugin require lowers fees than using a credit card.
The deal could see 11 million users on Solana get access to Shopify and leverage low transaction fees and other incentives.
E-commerce businesses using Shopify can now integrate Solana Pay to enable USDC payments
Circle is reportedly debuting USDC on six new blockchains including Polygon PoS, Base, Optimism, Polkadot and Cosmos.
Top US crypto exchange by trading volume Coinbase is investing in the USD Coin (USDC) stablecoin issuer Circle. Coinbase and Circle co-created USDC in 2018 and have jointly managed the asset, which aims to maintain a peg to the US dollar, through the Centre Consortium.
Solana Pay has reportedly been added to Shopify's payment solutions, giving millions of merchants access to cryptocurrencies.
Circle, the issuer of USDC, said the stablecoin will now be available on six more blockchains and layer-2 platforms, including Base and Polkadot
Shopify's new partnership with Solana Pay offers a crypto-focused e-commerce experience via USDC payments.
This strategic move reflects Circle's commitment to fostering cross-chain interoperability and accessibility.
USDC is expected to roll out on 6 new blockchains on which it will be available natively. This growth could trigger a pivot in USDC's market and more importantly, the level of utility.
Coinbase invests in Circle, and the USDC Centre dissolves as stablecoin rules improve around the world.
Coinbase secures a minority stake in Circle, enabling Circle to oversee USDC operations for increased stability and growth.
A novelty in the crypto world: Coinbase, the prominent US exchange, is set to acquire a minority stake in Circle Internet Financial, simultaneously dissolving their joint partnership in the Centre Consortium that has played a key role in the governance of USD Coin (USDC).
The partnership between Coinbase and Circle navigates stablecoin dynamics and regulatory changes, with the latter taking full control of USDC issuance and governance.
In a joint statement, Jeremy Allaire, CEO of Circle, and Brian Armstrong, CEO of Coinbase, announced the dissolution of the Centre Consortium. Consequently, Circle will take exclusive charge of the issuance and governance of USDC. Additionally, Coinbase has acquired an equity stake in Circle while signaling a stronger commitment to stablecoins.
Coinbase Global announced significant restructuring this week with plans to secure an equity stake in Circle. Additionally, the two companies, which jointly managed the Centre Consortium responsible for the stablecoin USD Coin (USDC), will dissolve this partnership.
Both parties will continue to generate revenue from USDC reserves interest income.
Circle and Coinbase have been jointly managing Centre Consortium, the self-governing entity overseeing management of USDC stablecoin.
Coinbase and Circle, the two entities behind USD Coin (USDC), have announced new terms that would change the governance and funding of the USDC stablecoin. The new terms will see Coinbase acquire an equity stake in Circle, with the two also shutting the Centre Consortium, which initially governed the stablecoin.
