What this means is that transactions with the coin can now take place at top speed. It also eliminates fees and chargebacks for users. This information is reliable as it comes from Coinbase itself.
According to the company:
“Unlike accepting credit card payments, merchants can accept USD Coin without geographical limitations or the need for a traditional bank account.”
The first time Coinbase Commerce started was in February 2018. Up till now, they have had support for BTC, LTC, ETH and BCH. The support for USDC is just a recent development. Coinbase Commerce initially partnered with shopify, an e-commerce site, and also partnered with WooCommerce. At the time Coinbase took advantage of WooCommerce, more than 28% of e-commerce sites were also benefiting from them.
USDC came on board in the last months of 2018 by the collaboration of Circle and Coinbase. In the first few days of May 2019, Coinbase made stablecoin trading available in 85 countries.
During the extension to 85 countries, the company said:
“For new customers in countries like Argentina and Uzbekistan, where consumer prices are expected to inflate by 10–20% in 2020, stablecoins like USDC could provide an opportunity to protect against inflation.”