SAN FRANCISCO–Coinbase Business said it is introducing a new B2B payments suite of tools designed to make USDC, a U.S. dollar-backed stablecoin, as easy to move as “sending an email.
According to a company blog post, the new global payouts feature allows companies to send the USDC stablecoin to any on-chain address or directly to an email recipient.
For vendors or contractors without a crypto wallet, Coinbase said it has automated the onboarding.
“Recipients receive an email link, create a free account, and can instantly claim or cash out their funds in local currency,” the post stated.
Combined with a new Payouts API, Coinbase said the solution allows businesses to automate payment workflows, triggering on-demand, batch or scheduled disbursements, according to the post.
What’s Planned
The company said it plans to merge Coinbase Commerce, its crypto checkout product, into Coinbase Business in the coming months.
According to a report released by Visa, stablecoin-denominated loans totaled $670 billion over the last five years, and $51.7 billion during August alone.
In its analysis, PYMNTS said on-chain lending facilitates capital market efficiency by using smart contracts to adjust interest rates based on supply and demand; creates global credit markets that never close, run automatically, provide transparent pricing and are open to anyone with internet access; and, with stablecoins, offer “fiat currency-denominated stability,” according to the report.
