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Blockchain payments startup BitPay this week announced that it is expanding its cross-border settlement options to stablecoins.
The company has announced the option for merchants to receive settlement in Circle and the CENTRE USD//Coin (USDC) and the Gemini Dollar (GUSD).
Stephen Pair, co-founder and CEO of BitPay, said that the introduction the USDC and GUSD stable coin offers BitPay customers a new alternative to holding Bitcoin and Bitcoin Cash by offering a stable coin option.
In a blog post, BitPay said that its merchants without supported bank accounts (particularly in emerging markets like Asia or South America) could only receive settlements in Bitcoin (BTC) or Bitcoin Cash (BCH). It emphasized that while these cryptocurrencies are great for fast, cross-border settlements, they do carry a risk of price volatility.
The support for stablecoins, BitPay said, will open up new settlement options for its merchants, who will now have “a non-volatile settlement solution that does not rely on traditional bank wires.” As each GUSD and USDC stable coin is tied to one US dollar, there is no volatility risk for the business receiving the settlement.
“The business has the option to take their settlement proceeds in Bitcoin, Bitcoin Cash, a bank transfer, or now a stable coin (USDC or GUSD). Settlement by bank transfer is initiated the next business day and cryptocurrency is settled the next day, 365 days a year,” BitPay said.
