The Commerce Payments Protocol, a joint project by Shopify and Coinbase, has reached a milestone of $42.1 million in net settled payment volume on the Base network. Data from the SeaLaunch dashboard on Dune Analytics indicates that the system has processed over 448,000 individual payments as of October 2.
The protocol allows eligible merchants to accept USDC stablecoins through Shopify Payments while receiving settlements in local currency. This infrastructure removes the need for merchants to manage cryptocurrency balances directly, integrating stablecoin transactions into standard ecommerce workflows.
Customers can complete purchases using supported crypto wallets without paying network gas fees, as Coinbase Payments covers these costs. The system utilizes smart contracts to hold authorized payments in escrow until the merchant captures the funds, supporting operations like cancellations and refunds.
The open-source protocol supports six core payment operations, including authorization and direct charges. It is designed to function similarly to traditional card transactions, allowing other platforms and payment providers to integrate the infrastructure for commercial use.
