Coinbase Stock Rallies 16% As Crypto Exchange Rolls Out Payments Service

Coinbase Global, Inc. has seen its stock soar. The price hit $293.16, a jump of $39.31 or 15.49%. This exciting rise came after the company launched a new service called Coinbase Payments.

Coinbase Taps Into E-Commerce with Stablecoin Payments

The Coinbase stock’s increase reflects the market’s enthusiasm for this new offering. According to the crypto company’s official press release, Coinbase Payments is a tool designed to make payments easier using stablecoins, like USDC. It works with big platforms like Shopify, allowing millions of merchants to accept these digital payments around the clock.

The service is built on Base, a blockchain network, and promises fast, low-cost transactions without the usual tech headaches. This launch is a big step for Coinbase, a company listed on the Nasdaq.

The Coinbase stock chart shows a steady climb. Just a year ago, it was trading around $142.58, showing how much it has grown. Today’s volume hit 26,873,921 shares, a sign of heavy trading interest.

Coinbase Payments aims to simplify the world of crypto for businesses. It offers a checkout system that works with popular wallets like Coinbase Wallet and MetaMask. Merchants can manage payments through an easy API, while secure smart contracts handle the transactions. This means no need for deep blockchain knowledge, making it beginner-friendly.

Shopify Integration Positions Coinbase Stock for Continued Growth

The service taps into a growing trend. Stablecoins, which are digital currencies tied to stable currencies like the dollar, processed $30 trillion in transactions last year. More companies are exploring blockchain technology. Small businesses are also jumping in, with a third already using crypto. Coinbase’s move could attract more of these players.

Shopify’s early adoption shows the potential. Its merchants can now accept USDC payments globally without extra setup. This could lower costs and open new markets. Coinbase hopes other platforms will follow its lead.

With a 52-week range from $142.58 to $349.75, the firm’s stock still shows room for more gains. For now, the company’s bold step is paying off and lighting up the charts.

USDC Stablecoin Gains Ground as Regulated Collateral in New Deal

Meanwhile, a recent Bloomberg report shows that Coinbase has made a deal to let USDC, a popular stablecoin, be used as collateral for futures trading in the U.S. This marks the first regulated use of USDC in this way. The stablecoin, issued by Circle Internet Group, has a $61.5 billion market value. Coinbase is also working to integrate USDC payments into online stores, with Shopify already adopting it.

The move follows a U.S. Senate bill to regulate stablecoins, which could boost their acceptance in traditional finance.  Stablecoins are already used in decentralized finance for lending and borrowing.

The company has been expanding its derivatives services, including buying a futures exchange in 2022. Clearing house Nodal Clear is helping with the new collateral system. Earlier, Coinbase, Ripple, and Gemini praised the US Senate for passing the Genius Act.