Orbital has added support for USDC, on the Solana layer 1 blockchain protocol, to its crypto-commerce payment processing solution. USDC has been growing quickly over the last year, and is on course to become the largest stablecoin, both in the market and across Orbital’s clients – overtaking USDT on Tron, which the company also offers for crypto payments and corporate treasury solutions.
Latest Fintech News: BankiFi Expands Operations into North America
Whilst cryptocurrencies can suffer from high volatility, reducing their attractiveness as an e-commerce payment method, stablecoins are pegged to fiat currencies, providing more stability in value than traditional cryptocurrencies. Making up 90% of all crypto payments – Orbital has made stablecoins their speciality and is one of just a handful of payment processing providers to offer USDC on the high-speed, low cost, Solana blockchain.
Orbital’s co-founder and Chief Innovation Officer, Luke Wingfield Digby says: “Bitcoin is dead for ecommerce payments. Online merchants should now be focussing on accepting stablecoins on their checkout pages – specifically stablecoins on blockchains which are fast and have low gas fees. Both Solana and Tron blockchains are great for this. Consumers are altogether put off when faced with high gas fees on blockchains like Ethereum, which can be anything from $25-50 per transaction or worse depending on network congestion.”
Latest Fintech News: Annual Review of MUFG Green Deposit Framework Completed
“USDC is our preferred stablecoin,” continued Luke, “but merchants also need to accept USDT because of its prevalence in certain markets around the world. Being a stablecoin focussed provider we’re always watching out for what’s coming next, and we will therefore continue adding support for the newest and best stablecoins/blockchains.”
Orbital isn’t the only financial organisation to believe in the power of stablecoins, especially those that are backed 1:1 with transparent audit reserves. Visa, Stripe (Twitter was their first client to try this feature) and Banking Circle have all recently begun offering payouts and settlements in USDC.
Latest Fintech News: Nickel Digital Arbitrage Fund Cuts Crypto Volatility by More Than 20X
[To share your insights with us, please write to sghosh@martechseries.com]
