Local Coffee Chain in DC Teams Up with Coinbase to Accept Crypto Payments

cryptonews.com:

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