A stablecoin payment gateway lets a business accept tokens such as USDC and receive dollars in its account or the tokens themselves. The gateway shows the customer a wallet prompt or deposit address, watches the blockchain, converts the funds and pays out. Stripe, Coinbase Business, BVNK and Shopify Payments all offer one. Each publishes different fees, supported networks, refund rules and eligibility limits, and a different licensed entity sits behind each.
How a stablecoin payment works
The flow looks like a bank transfer with a checkout on top.
- The customer picks the crypto or USDC option at checkout.
- The gateway either opens a wallet connection or shows a blockchain address and an amount.
- The customer sends the tokens from their wallet on a supported network.
- The gateway detects the transfer and waits for network confirmations.
- The gateway credits the merchant, in fiat or in tokens.
Stripe redirects customers to crypto.stripe.com to connect a wallet. Its API-only “deposit mode” instead returns a deposit address per network. There, the amount sent must match exactly. Stripe notes that USD uses two decimal places and USDC uses six, and that it cannot automatically match or return an overpayment or underpayment. BVNK offers two methods: payment links with a live quote and a unique address per payment, and “channels,” permanent addresses that convert whatever arrives at the spot rate.
Gateway comparison: published facts
| Stripe | Coinbase Business | BVNK | Shopify Payments | |
|---|---|---|---|---|
| Fee | 1.5%, incl. conversion to fiat, wallet and AML screening, fraud prevention, gas sponsorship | Shown in the account; 1% for merchants migrating from Coinbase Commerce | Not published | Not published on the USDC help page; merchants get a credit per USDC order |
| Tokens and networks | USDC on Ethereum, Solana, Polygon, Base; USDP on Ethereum, Solana; USDG on Ethereum | USDC on Ethereum, Base, Polygon, Optimism, Arbitrum; USDT on Ethereum | 16 currencies per its docs | USDC on Base, Ethereum, Optimism, Polygon, Arbitrum |
| Settlement | Stripe balance in USD | USDC in the Coinbase Business account; USD conversion carries a fee | Fiat (USD, EUR, GBP), another stablecoin, or the same stablecoin | Local-currency payout, or claim USDC where offered |
| Refunds | In stablecoins to the customer’s original wallet | Not published | Automatic refunds guide in docs | From the USDC balance, or from the payout balance converted to USDC |
| Disputes | None | “No chargebacks” | Not published | Customers can’t open disputes |
| Eligibility | US businesses only; up to $10,000 per transaction | US and Singapore | At least $500,000 a month and 6 months of trading | Listed regions in North America, Europe and Hong Kong |
| US licensed entity | Not named in the stablecoin docs; Stripe Payments Company (NMLS #1280479) holds state licenses | Coinbase, Inc., state money transmitter licenses | US money transmitter licenses (entity list on its site) | Not published on the USDC page |
“Not published” means we did not find the field on the provider’s public pages. A provider may still quote it in a contract.
Stripe
Stripe’s docs say customers can pay from anywhere except sanctioned countries, but only US businesses can accept stablecoin payments. Payments settle in the Stripe balance in USD. Stripe Billing supports stablecoins for invoices and subscriptions. Connect platforms can request the crypto_payments capability for connected accounts, which fits marketplaces and software platforms. The pricing page lists the 1.5% rate. Stripe’s docs do not name the entity for this flow. Stripe publishes state money transmitter licenses for Stripe Payments Company (NMLS #1280479).
Coinbase Business
Coinbase is folding Coinbase Commerce into Coinbase Business. The transition page lists Coinbase Business as custodial only, with bank off-ramps and accounting links to QuickBooks and Xero. Payment links, invoices and a Checkout API are available. Coinbase says USDC balances earn rewards at rates that vary by region. Merchants should treat that as a separate product from payment acceptance. Coinbase, Inc. lists state money transmitter licenses on its licenses page.
BVNK
BVNK sells to larger businesses and platforms. It offers a direct model and an embedded model, where a platform onboards its own customers to BVNK by API. BVNK says it holds more than 40 licenses and registrations, including money transmitter licenses across the US and an FCA-regulated EMI in the UK. It also says it is not a bank. Its docs note the Travel Rule, which requires sender and recipient details to travel with some transfers.
Shopify Payments
Shopify merchants turn on USDC in Shopify Payments settings. USDC orders can’t be partly captured, can’t pay for subscriptions and can’t get post-purchase upsells. If a customer received USDC cashback, the refund can’t exceed the order minus the cashback. Shopify’s pages list different US exclusions. The USDC page excludes Alaska, New York and Texas. The US payments page names Arkansas, New York, Pennsylvania and Texas. Check the current list in the admin before launch.
Refunds, disputes and settlement
Card payments can be reversed through chargebacks. Stablecoin transfers can’t, so every gateway above pushes refunds through the merchant. That removes chargeback losses but also the buyer protections card networks give. Plan the refund process before launch, including which currency you refund from.
Settlement is the other choice. Taking dollars keeps the treasury unchanged. Taking tokens gives faster access to funds, but the business then needs custody and an off-ramp. Our explainer on stablecoin infrastructure covers those layers, and the rest of the section is under stablecoin infrastructure guides.
Who holds the license
In the US, moving money for others usually requires state money transmitter licenses. NMLS Consumer Access, the public register run by state regulators, lets anyone look up a licensee by NMLS ID. Stripe Payments Company is NMLS #1280479. Bridge, an orchestration provider, holds its licenses under Bridge Building Inc., NMLS #2450917. Ask which entity will be the counterparty on your contract.
The GENIUS Act adds a second question. From July 18, 2028, digital asset service providers generally may not offer or sell payment stablecoins to people in the United States unless a licensed issuer issued them. Token lists at gateways may change as issuers get licensed. For card-based checkout options next to stablecoins, see our explainer on embedded payments.
Questions to ask a provider
- Which legal entity processes the payment and holds the money transmitter licenses, and what is its NMLS ID?
- What is the all-in fee, including conversion, network fees and payout?
- Which tokens and networks are accepted, and what happens to a wrong-network or wrong-amount transfer?
- Do you settle in fiat, in tokens, or both, and on what schedule?
- How do refunds work, and from which balance are they paid?
- Which states and countries are excluded?
- Are there transaction caps or volume minimums?
- Can a platform enable stablecoin acceptance for its sub-merchants?
