Cryptocurrency exchange Coinbase caused disturbances this week with the launch of its new open-source Onchain Payment Protocol — pointed toward further developing the company’s Commerce product for merchants.

The San Francisco-based exchange reported the new protocol on Thursday, describing it as a method to enable “instant settlement, low fees, and broad asset support” for merchants using its services. Coinbase Commerce was first presented in 2018 as a platform for merchants to accept cryptocurrency payments. From that point forward, the organization expresses large number of dealers all around the world have handled billions of dollars in on-chain payments.

However, the unpredictability of cryptocurrencies and complicated user experiences have remained barriers to broader adoption.Coinbase's new open-source protocol hopes to take care of these issues via consequently changing customers’ cryptocurrency payments into the popular stablecoin USDC,no longer have to worry about volatility. The protocol is currently compatible with Ethereum, Polygon, and the Base, which is incubated by Coinbase. It is planned to soon support additional networks.

Merchants might profit from dramatically lower payment processing fees by accepting cryptocurrency directly rather than traditional credit card payments. The open-source nature of the protocol also opens the door for different stages to integrate and build on top of Coinbase’s foundation.

The launch comes as Coinbase pushes forward with developing its own Layer 2 network, Base, to catch piece of the pie in the hot DeFi space.