Coinspeaker
Coinbase Joins Hands with Stripe to Onboard USDC on Base Network
On Thursday, June 27, crypto exchange Coinbase announced entering into a partnership with payments processor Stripe. This partnership seeks to introduce support for the USDC stablecoin on the Base Network as part of Stripe’s crypto payouts.
The integration of USDC stablecoin on Coinbase’s Layer-2 Platform Base will facilitate faster cross-border remittances as well as settlements for nearly 150 fiat equivalents. Furthermore, the USDC stablecoin will be available as part of Stripe’s fiat-to-crypto on-ramp. this will make customer onboarding easier while allowing customers to convert their fiat into digital very fast.
Similarly, under this partnership, Coinbase will also be integrating Stripe’s fiat-to-crypto on-ramp thereby allowing its users to purchase crypto with credit cards and Apple Pay.
Earlier this year, Stripe co-founder and president John Collison announced at the company’s Sessions conference that stablecoins would soon be reintroduced to Stripe’s services. Stripe was also among the first payment processors to offer Bitcoin services back in 2014, however, it later discontinued the support.
Furthermore, by the end of this summer, Stripe is also planning to introduce merchant payments in the USDC stablecoin. As reported by Coinspeaker, Stripe will integrate stablecoin payments into its checkout suite. The company announced that it will immediately settle USDC transactions in fiat currency. Initially, all USDC transactions will be processed through the Ethereum, Solana, and Polygon blockchain networks.
Similarly, Strip announced its integration with the Avalanche blockchain. Stripe has expanded its services to include support for the Avalanche C-Chain, providing a seamless way for retail users to acquire AVAX directly, thereby bypassing the complexities of crypto exchanges.
Coinbase Makes a Big Push in Crypto
Crypto exchange Coinbase is making some bold moves in the crypto space going on the offensive with top regulators like the U.S. Securities and Exchange Commission (SEC). On Thursday, June 27, Coinbase sued the SEC and the FDIC for failing to comply with the Freedom of Information Act (FOIA) request.
The lawsuit focused on the SEC’s decision to exclude Ether (ETH) from the list of cryptocurrencies it considered unregistered securities, a list that included Ripple’s XRP, and scrutinized the regulator’s deliberation process in making that determination.
Additionally, the exchange launched the “Stand with Crypto” political action committee (PAC) in the United States to advocate for the industry and its participants. In June, the PAC announced it had garnered 1 million signatures from crypto advocates.
Coinbase Joins Hands with Stripe to Onboard USDC on Base Network