Local Coffee Chain in DC Teams Up with Coinbase to Accept Crypto Payments
A local coffee chain in Washington, D.C. has partnered with Coinbase to introduce crypto payments to its customers.
Compass Coffee, a veteran-owned brand with sixteen stores in the D.C. area, will now offer patrons the option to pay for their morning brew using USDC , a stablecoin that functions as a digital dollar.
Customers who choose to pay with USDC at Compass Coffee’s Half Street location will enjoy a substantial discount of 90% off their orders, according to a report from Fox Business .
Additionally, they will receive a non-fungible token (NFT) that can be redeemed for a complimentary tin of coffee adorned with the logos of Coinbase and Compass.
One of the major hurdles to widespread adoption of digital assets as a form of payment has been their practicality in everyday transactions.
While larger companies like Starbucks , Subway, and AMC Theaters have recently started accepting Bitcoin and Ethereum payments, many smaller businesses, particularly local stores, have been hesitant to embrace cryptocurrency.
However, the launch of eleven Bitcoin exchange-traded funds (ETFs) on Wall Street in January has sparked conversations about the long-term value and viability of cryptocurrencies.
Stablecoins, such as USDC, have gained prominence as they are typically pegged to a fixed asset like the U.S. dollar, reducing the price volatility associated with cryptocurrencies like Bitcoin.
This stability makes stablecoins more suitable for day-to-day transactions.
USDC, the stablecoin that Compass Coffee will accept, is issued by Circle, a crypto company in which Coinbase holds a minority stake.
Users can convert their dollars into stablecoins using digital wallets or through crypto exchanges like Coinbase
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