Solana Pay, the leading open-source payment protocol harnessing the potential of the Solana blockchain, has integrated itself into the realm of e-commerce titan Shopify, that introduces the utilization of USD Coin [USDC] for transactions, as officially announced on Wednesday.
This groundbreaking alliance will now enable users to seamlessly link their Solana-centric cryptocurrency wallets, such as Phantom or Slope, allowing them to settle payments directly on the blockchain through the trusted medium of USDC in their transactions with merchants.
Although USDC, is the initial payment choice for this integration, other cryptocurrency assets will be incorporated in the near future, according to a representative from the Solana Foundation. In the words of Josh Fried, the head of commerce and business development at the Solana Foundation:
“When contemplating this harmonization, the selection of a stablecoin was a deliberate choice since both merchants and consumers inherently ‘think in dollars.’ This approach creates a significantly smoother initiation point, as pricing is presented in a currency that naturally resonates with both consumers and merchants.”
Fried also emphasized that the transaction settlement via USDC will occur virtually instantaneously, a notable departure from the time-intensive nature of numerous credit card payments that often necessitate days for clearance.
Solana Pay had previously partnered with Checkout.com, Circle, and Citcon, with the primary objective of facilitating crypto payments for merchants. With the Shopify partnership now coming to fruition, the innovative payment protocol is poised to redefine the landscape of e-commerce and payment processing.
Amidst the growing DeFi use, Solana continued its propulsive rise and briefly dethroned the leading meme token, Dogecoin [DOGE]. Although SOL lost its 8th position, it solidified its spot in the top 10 largest crypto assets by market capitalization, as per the latest stats from CoinMarketCap.
Solana Achieved 150% YTD Growth In Smart Contracts
Known for its high-speed and scalable blockchain ecosystem, the leading layer 1 blockchain has been gaining notable traction over the past months. Its protocol’s ability to process over 65,000 transactions per second, coupled with low fees and quick confirmation times, has garnered attention from both developers and investors alike.
In terms of deployment of smart contracts, SOL has achieved nearly 150% year-to-date growth, surpassing Ethereum’s modest 50% growth. The Web3-focused blockchain has taken the lead in hosting innovative dApps and smart contracts that push the boundaries of blockchain technology. This momentum has driven Solana to embrace Liquid Staking Protocols, which have gained significant traction in the DeFi space since the beginning of this year.
