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December 11, 2019

BitPay adds support for stablecoins on its platform

Crypto payments firm BitPay has launched worldwide stablecoin payments service for merchants and consumers.

The firm will now accept Circle’s USD Coin (USDC), the Gemini Dollar (GUSD) and Paxos Standard Token (PAX) stablecoins for payments. It already accepts Bitcoin and Bitcoin Cash.

Gemini managing director of financial operations Joshua Rawlins said: “The pairing of crypto payment acceptance with a stablecoin like the Gemini dollar— which combines the creditworthiness and price stability of the U.S. dollar with blockchain technology —is powerful.

“Merchants benefit from faster, cheaper, and fraud-resistant payment settlement and consumers benefit from the ease of using cryptocurrency without worrying about price fluctuations.”

Currently, about 30,000 merchants including Microsoft and Avnet tap Bitpay. All these merchants can now accept payments in the three stablecoins.

By virtue of being pegged to fiat currency, payment in stablecoins is said to be less risky compared to virtual currencies.

BitPay CEO and co-founder Stephen Pair said: “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.

“Businesses can invoice international customers without the need for costly, complicated cross-border wire transfers. Customers can send and receive payments using fast, efficient, and volatility free dollar-pegged stablecoins.”

Earlier this year, BitPay partnered with Ripple’s Xpring to support XRP cryptocurrency payments through its merchant processing and cross-border transfer platform.

 

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