Coinbase and Stripe integrate USDC on Base, enhancing global fiat-to-crypto accessibility.
Stripe’s revival of stablecoins follows earlier Bitcoin service experiments.
Coinbase’s legal action targets SEC over Ether’s regulatory status, backed by “Stand with Crypto” PAC.
Coinbase and Stripe have declared a strategic collaboration to improve the merging of fiat and cryptocurrency transactions. The joint effort will bring USDC support to Stripe on Coinbase’s Base layer-2 network, as well as various other intergrations.
Expanding Fiat-to-Crypto Access
Per a release made on June 27, Coinbase and Stripe partnership have provided fiat-to-crypto on-ramps and off-ramps to its customers. The newest integration is Base support for USD Coin in Stripe’s crypto payouts, facilitating faster cross-border payments and conversions of fiat counterparts in 150 nations.
Coinbase StripeCoinbase is partnering with @stripe to bring @base's faster, cheaper financial infrastructure to millions of businesses around the world.Here’s what we’re doing ↓ pic.twitter.com/OwNOFqFbFB
— Coinbase (@coinbase) June 27, 2024
As part of the fiat-to-crypto on-ramp solution for Stripe, USDC will be incorporated to make it easier for users to convert fiat to assets on the digital wallet on sign up. On the other hand, Coinbase integrated a fiat-to-crypto on-ramp owned by Stripe to allow users of the payment company to purchase the digital asset using credit cards and Apple Pay.
Fulfilment of Earlier Promises
John Collison, co-founder and president of Stripe, announced at the Sessions conference that stablecoins would be reintroduced to the platform, which was one of the first to use Bitcoin services in 2014 but discontinued due to payment effectiveness issues.
Crypto is back. @Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat. Join the waitlist https://t.co/hws2OsU3Id and watch the demo (h/t @Solana) from Sessions. pic.twitter.com/zGKYW2FM6i
— John Collison (@collision) April 25, 2024
Collison’s announcement coincided with the introduction of support for the Avalanche C-Chain for verified Stripe customers, allowing the purchase of Avalanche tokens using the fiat-to-crypto on-ramp.
Coinbase’s Strategic Moves
The regulatory landscape in the United States has created challenges for crypto innovation. Centralised exchanges, digital asset providers, and stablecoins have faced increased scrutiny. Stripe, once involved in Facebook’s Libra project, exited due to governmental pressure.
On June 27, Coinbase sued the SEC and the Federal Trust and Deposit Corporation (FDIC) for failing to meet the FOIA by not providing materials needed. The lawsuit focused on the SEC’s choice to not categorise Ether as one of the unregistered securities among cryptocurrencies, similar to Ripple’s XRP, and the process they followed to reach that decision.
Additionally, Coinbase has launched the “Stand with Crypto” political action committee (PAC) in the United States to advocate for the industry and market participants. In June, the PAC announced it had gathered 1 million signatures from crypto advocates, demonstrating significant support for the cause.
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