Commerce Payments Protocol sees surge in volume on Base network

A payment protocol jointly developed by Coinbase and Shopify is showing the kind of growth curve that makes crypto-commerce advocates feel vindicated. The Commerce Payments Protocol, which launched on Base in June 2025, has processed roughly $1.7 million in settled USDC volume across approximately 8,000 transactions, with the bulk of that activity concentrated in the most recent weeks. Of the total volume, around $750,000 was processed in just the two months prior to the latest data, suggesting the protocol hit an inflection point after a slow initial ramp. How the protocol actually works The Commerce Payments Protocol is an open-source, permissionless smart contract system deployed on Base, Coinbase’s layer 2 network built on Ethereum. It handles escrow-based payment flows, refund processing, voids, and delayed capture. Six core operations power the system: authorize, capture, charge, void, reclaim, and refund. USDC serves as the primary payment token. Shopify merchants using the protocol can accept USDC payments through their existing Shopify Payments infrastructure. On the receiving end, merchants get a choice: take payouts in USDC on Base or convert automatically to local curre...