Hybrid fintech and crypto firm Orbital has added support for USDC with its payment processing solution on the Solana layer one blockchain protocol, Coin Journal learned from a press release.
USD Coin is one of the fastest-growing stablecoins, getting ready to become the largest one. It’s also passing Tether on Tron, which the company also offers for corporate treasury and crypto payment solutions.
Orbital is a medium-sized enterprise powered by the values of exceptional service and client-first design. The company is convinced cryptocurrency can be an enabler of global business. Orbital has recorded a growth rate of more than 100% y/y.
One of few offering USDC on Solana
Stablecoins make up 90% of all payments processed by Orbital, which makes them its specialty. Their popularity is no accident: cryptocurrencies can be highly volatile and less attractive as an e-commerce payment method.
Orbital is one of just several payment processing providers to offer USDC on the low-cost, high-speed Solana blockchain.
Orbital cofounder: Bitcoin is useless for e-commerce
Orbital cofounder Luke Wingfield Digby commented that Bitcoin was useless as a means of e-commerce payment, and online merchants should now be focusing on accepting stablecoins on their checkout pages.
He added that this goes specifically for fast blockchains with low gas fees. Tron and Solana are both examples of such. He said:
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.
Mr. Digby added that while USDC was Orbital’s stablecoin of choice, he believed merchants also needed to accept Tether (USDT) because of how common it is in some markets. He stated:
Being a stablecoin-focused provider, we’re always watching out for what’s coming next, and we will therefore continue adding support for the newest and best stablecoins and blockchains.
Joined by Visa, Stripe
Orbital is joined by companies of the caliber of Stripe and Visa in believing in the power of stablecoins, especially those with 1:1 backing with transparent fiat reserves. Twitter was Stripe’s first client to try stablecoin payments.
Banking Circle also started offering payouts and settlements in USDC recently.