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Blockchain payment services provider BitPay has launched stablecoin payments for merchants and consumers worldwide.
According to a press release, BitPay currently supports payment acceptance and settlement in three popular stablecoins – Circle’s USD Coin (USDC), the Gemini Dollar (GUSD) and Paxos Standard Token (PAX).
The company believes that “stablecoins could become a large part of the banking system of the future” as they offer “the benefits of blockchain technology…while providing the stability and trust of the US Dollar.”
With the addition of these three stablecoins to the BitPay wallet app, consumers would be able to spend U.S. dollar-pegged currency at businesses across the globe, while benefiting from the speed and flexibility of cryptocurrency transactions. BitPay said that wallet-to-wallet crypto transfers could be spent as soon as they’re received, eliminating the costs and delays usually associated with bank transfers or wires.
Stephen Pair, BitPay’s CEO, and co-founder, said that the launch of stablecoin payments 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,” Pair added.
BitPay said that the rollout of worldwide stablecoin payments complements its suite of products, including the BitPay Wallet and the BitPay Prepaid Visa Card, among others.
“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,” Joshua Rawlins, Managing Director of Financial Operations at Gemini said. “Merchants benefit from faster, cheaper, and fraud-resistant payment settlement and consumers benefit from the ease of using cryptocurrency without worrying about price fluctuations.”
BitPay currently supports Bitcoin, Ether and the three stablecoins – USDC, GUSD, and PAX. In Oct., it announced its plans to add support for XRP as it partnered with Ripple’s developer initiative, Xpring.
