March 29, 2023

Coinbase Integrates DAI Stablecoin into Commerce

Coinbase Commerce platform, which allows merchants to accept payments in cryptocurrency, added support stable coins DAI from MakerDAO.

Integration Opens Digital Asset aspayment methods for residents of e-commerce platforms, including large ones like Shopify and WooCommerce. According to the statement, the latter employs 800 thousand and 3 million online stores, respectively.

Coinbase Commerce is a free solution,which supports the integration of merchants on their sites the ability to accept payments in Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), as well as in the stablecoin USDC.

MakerDAO also believes that DAI support will help bridge the booming DeFi business with the merchants.

At the beginning of February, the cost of Ethereum cryptocurrency blocked in DeFi applications reached $ 1 billion. The most popular of them is MakerDAO with a dominance index of about 60%.

At the same time, online retailers who accept DAI as payment will be able to receive interest on their assets by transferring coins to the Dai Savings Rate (DSR) smart contract. Currently, the rate is 7.5% per annum.

Recall, the new multi-security version of the stablecoin DAI was introduced in November last year.