Coinbase Launches New Platform for Stablecoin Payments
- Coinbase has introduced “Coinbase Business,” a platform enabling businesses to send and receive USDC.
- USDC balances in Coinbase Business earn an annual percentage yield (APY) of 4.1% and can be cashed out via Wire or ACH.
- All transactions can integrate with QuickBooks or Xero through CoinTracker, ensuring compliance in crypto payments.
- Coinbase shares a revenue split of 50/50 with Circle from the yield earned on USDC, which has a market cap of $76 billion.
- The exchange is exploring stablecoin utility across its platform and has considered acquiring BVNK for approximately $1.5 billion.
The launch of Coinbase Business highlights the increasing competition in the stablecoin sector as businesses seek efficient payment solutions. With features like high APY on USDC balances, Coinbase aims to attract more users to its platform while enhancing compliance and integration capabilities.
This initiative reflects Coinbase’s strategy to leverage its position in the stablecoin market, particularly as it offers a competitive yield on USDC deposits.(Source)
