The leading crypto-blockchain payment network BitPay announced that it now supports stablecoin on its platform. The company revealed that the first set of stablecoins would be Circle’s USD Coin (USDC), the Gemini Dollar (GUSD) and Paxos Standard Token (PAX).
BitPay’s new announcement offers merchants an opportunity to expand their crypto-payment avenues. Besides accepting several cryptocurrencies by using BitPay, merchants can now accept three stablecoins. Similarly, users can spend sabelcoins in addition to multiple cryptocurrencies at a business/store which has integrated BitPay’s crypto-payment gateway.
In essence, Stablecoins are usually fiat-pegged tokens designed to reduce the volatility of the price. Speaking about the acceptance of stablecoin, BitPay’s Co-founder and CEO, Stephen Pair says that;
“Accepting or paying with stablecoins opens up new possibilities for global businesses that require the stability of the dollar but the security and efficiency of blockchain payments,”.
He further explains that the customers from different part of the world can access to various businesses (accepting stablecoin using BitPay) without “the need for costly, complicated cross-border wire transfers”. As stablecoins are the dollar-pegged cryptocurrency, customers can quickly and efficiently send and receive payment, Stephen Pair added.
Interestingly, the addition of Circle’s USD Coin (USDC), the Gemini Dollar (GUSD) and Paxos Standard Token (PAX) is equally a win-win situation for companies backing this stablecoin. Echoing a similar concern, Joshua Rowlins who is the managing director of financial operations at Gemini empathized that BitPay’s integration of stabelcoin is a potential opportunity for merchants as well as customers – while former can quickly access to fraud-resistant payment settlement, latter don’t have to worry about price fluctuations.
Moreover, Paxos’s Corporate Strategy Lead, Walter Hessert also expressed similar belief and added;
“By using PAX to make everyday payments through BitPay, customers send USD quickly and retailers get paid immediately.
With the new addition of stablecoin, customers can access BitPay’s over 30000 merchants, including Microsoft and Avnet. The announcement comes in a wake of BitPay’s earlier press update that reveals company’s plan of integrating XRP on its platform following the partnership with Ripple’s investment arm Xpring.
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