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International payment platform Checkout.com has partnered with cryptocurrency custodian Fireblock to offer instant fiat-to-stablecoin conversion for customer transactions.
Source: Coindesk
USDC is up 0.05%, while BTC is down 6.07%.
Under the partnership, merchants will be able to convert fiat currencies into stablecoin instantly through the payment technology of Fireblock. This is in line with efforts to boost business-to-consumer payments using digital tokens.
Fireblock Vice President of Payments Ran Goldi said the partnership will expand merchant payouts, which are traditionally limited from 9 a.m. to 5 p.m. on weekdays, excluding public holidays.
Checkout.com earlier successfully tested methods for customers’ fiat transactions to pay merchants through USDC. The firm has so far facilitated settlements of over $300 million in a beta program using USDC.
Initial payouts will use USDC stablecoins native to the Polygon network through Polygon-compatible wallets.
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