Base Case Study Reports $42.1M in Protocol Net Settled Volume

A Base case study published Oct. 29 put net settled volume on the Commerce Payments Protocol at about $42.1 million as of Oct. 2, offering a protocol-wide measure rather than Shopify sales data.

The case study also listed more than 448,000 payments in that snapshot. The figures span use of an open protocol that developers can build on, not only transactions at Shopify merchants. No breakdown by merchant, integration or region accompanied the totals, so they do not show Shopify checkout volume or the share of merchant sales paid in USD Coin (USDC). The payment count also does not establish how many distinct customers or orders were involved.

Shopify and Coinbase introduced the Commerce Payments Protocol on Base on June 12, 2025. Its smart contract holds authorized funds in escrow until a merchant captures the payment. The protocol also supports charges, voids and refunds, and lets buyers reclaim funds when an authorization expires. Its design covers payment steps around a checkout, rather than only transfers between wallets.

Shopify’s current rules allow eligible Shopify Payments merchants to accept USDC in supported locations. Customers incur no separate network gas or foreign-exchange charge. Merchants can choose their payout currency, with USDC available in some regions. Shopify’s U.S. eligibility list excludes Alaska, New York and Texas. Shopify does not allow partial capture of USDC orders or customer disputes on those orders.

In a June 12, 2025, announcement about USDC payments on Shopify, the company described merchants as having the “authorize now, capture later” flexibility associated with credit cards. That feature lets a merchant authorize a payment before capturing it later, while the protocol’s broader tools also cover voids, refunds and expired authorizations.