Checkout.com to Accept Stablecoins as Regulators Look to Impose Tighter Rules

Online payments giant Checkout.com has become the latest financial services firm to accept crypto.

The announcement means that the payment method will be available to Checkout.com merchants round the clock, including on weekends and holidays.

The company said that Checkout.com is leveraging Fireblocks’ new crypto payment technology for the settlement method while reducing “operational complexity”.

Ran Goldi, Vice President of Payments at Fireblocks explained: “Traditionally, merchant payouts are limited to 9-5 on weekdays excluding public holidays and are further delayed through batch processing over several business days.”

Stablecoins accepted 24/7

He added that “merchants are no longer restricted by arbitrary settlement times,” while “every business will become a digital assets business with the advent of Web3.”

“Stablecoins started as a fiat-denominated asset used by crypto traders to easily move in and out of more volatile crypto assets, but we believe they will also play a fundamental role in improving the underlying payment landscape, ” said Jess Houlgrave, Head of Crypto Strategy at Checkout.com.

Meanwhile, the de-peg of UST and the subsequent Terra meltdown has spooked investors and led to regulators calling for a more stringent framework.

U.S. Senators Kirsten Gillibrand and Cynthia Lummis have proposed a crypto regulatory framework under the Commodity Futures Trading Commission. This follows the President’s Working Group on Financial Markets (PWG) which last Nov called for greater regulation of stablecoins.

Japan became the first major economy to pass a bill around stablecoins ensuring investor protection. Meanwhile, South Korea’s Financial Supervisory Service (FSS) is probing the Terra debacle, while imposing new frameworks.

Peer-to-peer payments company Circle also announced that it was adding its stablecoin to the Polygon network, meaning businesses and developers can use Circle’s payments and treasury platform to accept payments in Polygon USDC.

Jeremy Allaire, founder and CEO of Circle, said: “It’s not just urgent that Washington step in, it’s urgently urgent.”