Stripe will roll out help for USDC on Base.
Stripe, the multinational funds agency that processed greater than $1 trillion in quantity final yr, has teamed up with Coinbase within the firm’s newest foray into crypto.
Introduced on June 27, Stripe mentioned it’s readying to launch help for USD Coin (USDC) on Base, the Layer 2 community incubated by Base.
Per the deal, U.S.-based Stripe customers will be capable to use the platform’s fiat-to-crypto onramp to transform U.S. {dollars} into USDC. Stripe can even allow customers to ship USDC to customers in additional than 150 international locations through its “crypto payouts” characteristic.
Coinbase can even incorporate Stripe’s fiat-to-crypto onramp into Coinbase Pockets, permitting customers to buy cryptocurrency through bank cards and Apple Pay.
“These three key integrations lay a strong foundation for Stripe and Coinbase to begin building a better payments future for users around the world,” Coinbase said.
USDC is the second-largest stablecoin, despite shedding 40% of its market cap after peaking at $55 billion in June 2022. USDC currently boasts a $32.6 billion market cap, according to The Defiant’s crypto price feeds.
Stripe returns to crypto
Stripe’s partnership with Coinbase is the company’s latest foray into crypto after tentatively resuming support for digital assets in April.
At the time, the company rolled out services allowing merchants to accept stablecoins as payment for online transactions and enabled USDC payouts for Twitter creators through the Solana and Ethereum networks.
“Crypto is back,” said John Collison, Stripe’s co-founder and president. “Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat.”
Stripe first added help for Bitcoin funds in early 2014 however ceased the service in 2018, stating {that a} mixture of accelerating transaction affirmation occasions and rising charges had been undermining BTC’s worth proposition as a automobile for funds.
“Bitcoin has evolved to become better-suited to being an asset than being a means of exchange,” Stripe said.
However, in March 2022, Stripe announced plans to “give crypto businesses access to today’s global financial infrastructure,” asserting that its “optimism for the future of crypto” was not unfounded amid increasing mainstream adoption of digital assets.
The following month, Stripe began progressively rolling out support for stablecoins, announcing that select businesses could support payouts in USDC via the Polygon Network, starting with Twitter.
In October 2023, MetaMask also introduced a fiat on-ramp for U.S. users using Stripe via its popular mobile app and browser extension.
Base activity surges
News of the partnership coincides with activity on Blast rocketing to new all-time highs.
According to L2beat, Base posted an all-time high of 42 transactions per second (TPS) on June 27, marking an increase of nearly 878% since the year began.
Base has also emerged as the second-largest Layer 2 network by total value locked (TVL) with $7.33 billion after growing 887% since the start of the year. DefiLlama estimates that the TVL Base’s DeFi ecosystem grew 273% during the first half of 2024 to tag $1.7 billion in TVL, up 250% since the start of the year.
Base’s recent growth has been propelled by memecoin mania, with opportunistic users creating more than 650,000 tokens on Base in 2024, in keeping with Dune Analytics.
Final week, Base turned the second-ranked community primarily based on month-to-month lively decentralized change (DEX) customers this month.
