Coinbase, a top cryptocurrency exchange, took to X to announce a strategic agreement with Stripe to improve financial infrastructure internationally. This agreement will provide USDC compatibility to Stripe, employing Coinbase’s Layer-2 network, Base. As a result, millions of companies throughout the world will get access to quicker and more affordable financial services.
The partnership, announced on June 27, will bring fiat-to-crypto on-ramps and off-ramps to customers of both platforms. Additionally, the integration includes support for USD Coin (USDC) on Base, enhancing Stripe’s crypto payouts. This will facilitate faster cross-border remittances and settlements across 150 countries.
Moreover, USDC will be part of Stripe’s fiat-to-crypto on-ramp. This will simplify onboarding for customers converting fiat to digital assets. Additionally, Coinbase will integrate Stripe’s fiat-to-crypto on-ramp, allowing users to purchase crypto with credit cards and Apple Pay.
Earlier this year, Stripe’s co-founder John Collison discussed the company’s return to crypto. He highlighted the promise of stablecoins at Stripe’s Sessions conference. Besides, Stripe had initially offered Bitcoin services in 2014 but later removed them. Collison described Bitcoin as “a pretty terrible payment method” during that time.
As part of its crypto return, Stripe introduced support for the Avalanche C-Chain for verified customers. This integration enabled Stripe users to purchase Avalanche tokens via the fiat-to-crypto on-ramp.
Coinbase Files Lawsuits Against SEC and FDIC for Crypto Regulation DocumentsThe regulatory environment in the U.S. has posed challenges for crypto innovation. Centralized exchanges, digital asset providers, and stablecoins have faced increased scrutiny. Stripe previously exited Facebook’s Libra project due to government pressure.
Crypto is considered the future of money because it is unrestricted by international borders or banking hours, and reduces both friction and fees for users. These three key integrations, including USDC compatibility with Stripe and Coinbase’s Base network, set a favorable foundation for transforming global payment systems.
