The stablecoin settlement system will provide the merchants with the flexibility of 24/7 settlement including weekends and even holidays.
On June 7, Checkout.com, an international fintech company that processes payments for other firms, initiated a new stablecoin settlement solution based on Circle's USD Coin (USDC) in partnership with a crypto-security business dubbed Fireblocks.
According to the official statement, the system will provide merchants with better cash flow availability and much easier operations. In addition, it will bring the feature to merchants of settling payments on weekends and even holidays.
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In fact, Checkout.com's stablecoins settlement pilot program has supported the settlement of over $300M using USD Coin (USDC). On top of that, throughout the testing phase, Checkout.com managed to test and optimize various ways that would allow their users to pay for fiat transactions “to merchants through USDC.”
As stated by VP of Payments at Fireblocks Ran Goldi, Fireblocks strongly believes that Web3 will play a significant role in ensuring that every firm will eventually transform into a digital asset entity. He commented:
"Traditionally, merchant payouts are limited to 9-5 on weekdays excluding public holidays and are further delayed through batch processing over several business days. Checkout.com's weekend settlement means that merchants are no longer restricted by arbitrary settlement times.”
The crypto-security firm is keen on working with Checkout.com and hopes that its experience in digital asset payments will assist in providing more ground-breaking innovations to the financial sector.
Fireblocks is a high-performance platform that provides a secure infrastructure for transporting, distributing, and storing digital assets. As of now, Fireblocks works with more than 1,300 companies around the globe and has scored the transfer of over $2.6T in digital assets.
Likewise, Checkout.com's Chief of Staff Jess Houlgrave underlined that merchants are adopting crypto use more often. She went on to add that this displays “a legitimate transition from the early adoption phase to one that’s more practical, pragmatic and positive overall.”
In other news, earlier this year, Fireblocks also introduced a new collection of developer tools to bring the customers possibility to access NFT marketplaces, crypto-based exchange platforms, and other services in decentralized finance (DeFi).
