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Jess houlgrave, responsible for checkout.com crypto strategy, cointelegraph said that adopting cryptocurrency among merchants marks "a legitimate transition from the early adoption phase to one that is more convenient, pragmatic and positive overall.” Dollar-indexed stabilizers have become viable alternatives in emerging markets where access to the u.s. dollar is limited due to capital controls or penalties, and when the local currency loses its purchasing power because of hyper-inflation..
The stablecoin settlement system centers around Circle’s USD Coin (USDC), the second-largest stablecoin by market capitalization, and allows merchants to automatically convert USDC payments into fiat upon receipt. The service will be available to merchants 24 hours a day, meaning payments will be paid on weekends and holidays in addition to regular business hours.
The settlement system leverages payout technology developed by crypto infrastructure provider Fireblocks. Thanks to its beta program with fireblocks, checkout.com settled more than 300 million dollars of usdc transactions.
Initially, the checkout.com settlement system will only support usdc, though there are plans to provide a wider range of assets over time.
Goldi ran, Fireblocks' vice president of payments, said cointelegraph that blockchain technology can significantly improve payments flow for merchants. "Traditionally, payments are really fragmented, slow and costly," Goldi said. "Traditionally, payments are really fragmented, slow and costly," Goldi said.
"This first step to settle merchant payments with stablecoins is just a small part of what we can do in the payments space." Goldi continued: "Crypto merchants have now become very scaled up, compared to just five years when crypto merchants didn't really exist.
The increased demand from merchants to receive payments in financial institutions shows their willingness to keep their funds and interact with their crypto suppliers and counterparties." As reported by Cointelegraph, the company closed a $1 billion Series D investment round in January at a valuation of $40 billion.
Related: DeFi protocols launch stablecoins to lure new users and liquidity, but does it work?
Related:Challenge protocols launch stablecoins to attract new users and liquidity. While cryptography has become a new asset class for investors, its utility as a medium of exchange is considered vital for general adoption.
Although cryptology has emerged as a new asset class for investors, its usefulness as a medium of exchange is considered crucial for widespread adoption. She further explained:
"This transition means there’s a groundswell in demand for fintech companies that can provide easy-to-deploy solutions and services to get merchants up and running with crypto payment options —and then help them optimize the process over time."
