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 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.”
“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.”
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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.