Coinbase Now Lets Merchants Accept Payments in the USDC Stablecoin

Coinbase Commerce, the cryptocurrency exchange's merchants payments offering, has added support for the dollar-pegged stablecoin USD Coin.

The development means businesses can now receive payments in USDC from customers "In minutes with zero transaction fees" and no chargebacks, Coinbase announced in a blog post on Monday.

"Unlike accepting credit card payments, merchants can accept USD Coin without geographical limitations or the need for a traditional bank account," the firm said.

In February 2018 and offers support for bitcoin, bitcoin cash, ether and litecoin payments alongside the new USDC. Initially integrated with e-commerce platform Shopify, Coinbase Commerce later rolled out.

At the time, Coinbase said that WooCommerce provides the payments infrastructure for more than 28 percent of all web stores.

Late last year by crypto finance startup Circle and Coinbase.

Earlier this month, Coinbase expanded crypto-to-crypto trading in the stablecoin to 85 countries.

"For new customers in countries like Argentina and Uzbekistan, where consumer prices are expected to inflate by 10-20% in 2020, stablecoins like USDC could provide an opportunity to protect against inflation," it said at the time.