Coinbase and Stripe have formed a partnership to bring fiat-to-crypto on-ramps and off-ramps for customers of both platforms, according to a June 27 announcement.
The new integration introduces support for USD Coin (USDC) on Base as part of Stripe’s crypto payouts, allowing faster cross-border remittances and settlements of fiat equivalents across 150 sovereign countries.
USDC will also be available as part of Stripe's fiat-to-crypto on-ramp, facilitating easier onboarding for customers converting fiat to digital assets.
Conversely, Coinbase is integrating Stripe’s fiat-to-crypto on-ramp to allow users of the payment processor to purchase crypto with credit cards and Apple Pay.
Stripe makes good on earlier plans
Earlier this year, Stripe co-founder and president John Collison promised attendees at the company’s Sessions conference that stablecoins were coming back to Stripe.
Stripe was one of the first payment processors to offer Bitcoin (BTC) services in 2014, but later removed support for the digital currency. Collison explained the decision was due to Bitcoin being “A pretty terrible payment method” during that era.
Around the time Collison announced plans for Stripe’s return to crypto, support for the Avalanche C-Chain was also introduced for verified Stripe customers. This integration allowed Stripe users to purchase AVAX (AVAX) tokens using the fiat-to-crypto onramp.
Coinbase goes on the offensive
The policy landscape in the United States over the past several years has managed to stifle crypto innovation as centralized exchanges, digital asset providers, and stablecoins have come under the watchful eye of regulators. Stripe, once involved in Facebook's Libra project, was forced to exit the project due to pressure from government officials.
On June 27, Coinbase filed lawsuits against both the Securities and Exchange Commission (SEC) and the Federal Trust and Deposit Corporation (FDIC), alleging that the government agencies failed to provide necessary materials under the Freedom of Information Act (FOIA).
At the center of the lawsuit was the SEC’s decision to exclude Ether (ETH) from cryptocurrencies it deemed to be unregistered securities—like Ripple’s XRP (XRP)—and the deliberation process the regulator used to make that determination.
The exchange also launched the “Stand with Crypto” political action committee (PAC) in the United States, an advocacy group for the industry and market participants. In June, the PAC announced it attained 1 million signatures from crypto advocates.