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Checkout.com Introduces 24/7 USDC Settlements for Merchants

Payment service provider Checkout.com has partnered with crypto security firm Fireblocks to launch a stablecoin settlement solution for merchants. The company unveiled this news earlier today through a press release. This product currently supports USD Coin (USDC), but Checkout.com plans to add more assets in the future.

According to the press release, the solution leverages Fireblocks’ new crypto payment technology. Checkout.com is the first payment service provider to embrace this technology. The company is also the first to roll out automatic fiat to stablecoin conversion for its merchant clients.

The current fiat settlement system runs from 9:00 AM to 5:00 PM on business days, excluding public holidays. On the other hand, Checkout.com’s solution will let merchants accept or make payments round-the-clock, including on weekends and public holidays. This flexibility will offer merchants minimized operational complexity and increased access to cash flow.

This launch comes after Checkout.com tested the solution in a beta program. The results were satisfactory, with the company handling a payment volume of $300 million in USDC. During the beta program, Checkout.com tested, refined, and optimized ways to pay merchants in USDC after online customers pay in fiat.

Commenting on the product’s launch, Ran Goldi, Fireblocks’ Vice President of Payments, said,

At Fireblocks, we believe that every business will become a digital assets business with the advent of Web3.

Goldi pointed out that batch processing in the traditional system delays merchant payments by several business days. However, Checkout.com’s product lifts arbitrary settlement times.

Disrupting the Payments Industry

Joe Start, the CEO of UK-based crypto firm Transak, remarked,

Weekend settlement helps to free liquidity constraints we have historically faced as a developer integration making decentralised applications accessible. This enables us to process more payments and we are delighted to have worked with Checkout.com on such a significant step forward for the payments industry as a whole.

Jess Houlgrave, the Head of Crypto Strategy at Checkout.com, said the role of stablecoins is changing. Initially, stablecoins were volatility hedges within the crypto space. However, Houlgrave believes they play a massive role in improving the underlying payment landscape.

This news comes as companies in the payments industry continue warming up to crypto. Before Checkout.com, PayPal embraced crypto, allowing users in select countries to buy, sell, and transfer digital assets. Stripe, which suspended Bitcoin (BTC) payments four years ago, also relaunched the service in the past month.

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Meanwhile, bears continue to dominate the crypto market. At the time of writing, the crypto market has a capitalization of $1.22 trillion, down more than $1 trillion since its peak in November 2021.

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