The Commerce Payments Protocol, a joint project by Coinbase and Shopify, has reached a total settled volume of approximately $1.7 million in USDC. The system, which operates on the Base layer 2 network, has facilitated around 8,000 transactions since its launch in June 2025.
Growth has accelerated significantly in recent weeks. Data indicates that $750,000 of the total volume was processed within the two months leading up to late February 2026. Earlier figures from early February showed $1.2 million in volume across 3,200 customers and 5,700 merchants.
The protocol is an open-source, permissionless smart contract system that supports escrow-based payments, refunds, and voids. It enables Shopify merchants to accept USDC payments while offering the option to automatically convert funds into local currency without exchange fees.
Beyond the Shopify ecosystem, the permissionless nature of the smart contracts allows third-party developers to integrate the infrastructure into their own commerce stacks independently. The protocol underwent multiple security audits throughout 2025.
