Coinbase unveils stablecoin payments service for businesses

[Coinbase Releases Third-Quarter Financial Results]
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Coinbase Global (NASDAQ:COIN [https://seekingalpha.com/symbol/COIN]) on Thursday introduced a set of payment tools allowing businesses to send and receive dollar-pegged USDC (USDC-USD [https://seekingalpha.com/symbol/USDC-USD]) stablecoin.

The new features, including global payouts and payment links, enable cheaper and instant cross-border payments, as well as eliminate chargebacks and simplify vendor payments, the crypto exchange said in a blog post.

USDC (USDC-USD [https://seekingalpha.com/symbol/USDC-USD]) balances held in Coinbase Business earn a 4.1% annual percentage yield, and can be cashed out on demand to a linked business bank account via Wire or ACH.

All transactions can be synced with Intuit's (INTU [https://seekingalpha.com/symbol/INTU]) QuickBooks or Xero (OTCPK:XROLF [https://seekingalpha.com/symbol/XROLF]) through Coinbase's (NASDAQ:COIN [https://seekingalpha.com/symbol/COIN]) accounting integrations with CoinTracker, allowing users to adopt crypto payments while staying compliant, the post said [https://www.coinbase.com/blog/introducing-a-powerful-suite-of-business-payment-tools-on-coinbase-business].

Coinbase (COIN [https://seekingalpha.com/symbol/COIN]) and Circle Internet Group (CRCL [https://seekingalpha.com/symbol/CRCL]), the company behind USDC (USDC-USD [https://seekingalpha.com/symbol/USDC-USD]), share the yield earned from USDC reserves on a 50-50 basis, making the new stablecoin payments service an ideal move to add more USDC volume.

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