BitPay Adds 3 New Stablecoin Support for Crypto Payments

Crypto payment processor BitPay has added support for three stablecoins - Circle’s USD coin (USDC), the Gemini dollar (GUSD), and Paxos Standard token (PAX) - on its platform.

Announced on Tuesday, this will allow both merchants and customers to transact using any of the newly added digital currencies.

Mentioning the prospect, Stephen Pair, co-founder and chief executive of the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term company, 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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.”

“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.”

Bringing crypto to the mainstream

BitPay is one of the largest payment processors with crypto. According to the company, around 30,000 merchants are using its services, including Microsoft and Avnet, all of whom can accept payments in the three stablecoins.

“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,” Joshua Rawlins, managing director of financial operations at Gemini, added.

Apart from the three stablecoins, BitPay supports payments in Bitcoin, Ethereum, and Bitcoin Cash. The company is also considering to add XRP support and already handled $1 billion in crypto transactions last year.

“By using PAX to make everyday payments through BitPay, customers send USD quickly and retailers get paid immediately. Using PAX in payment and settlement is a crucial step forward as customers can now spend their PAX with more than 30,000 BitPay merchants around the world,” Walter Hessert, corporate strategy lead at Paxos, said.