BitPay Enabling Merchants to Overcome Bitcoin Volatility with Stablecoins
BitPay, a leading bitcoin (BTC) and altcoins payments processor established in May 2011, has added support for top stablecoins including Circle’s USD Coin (USDC), the Gemini Dollar (GUSD) and Paxos Standard Token (PAX). With this significant development, merchants can now receive stablecoin payments for their goods and services without having to worry about Bitcoin price fluctuations, according to a press release on December 10, 2019.
Stablecoins Now Live on BitPay
In a bid to make it possible for consumers to enjoy the speed, flexibility and borderless features that come with cryptocurrencies, without having to bother about the endless price fluctuations, BitPay now supports three stablecoins: USD Coin (USDC), Gemini Dollar (GUSD), and Paxos Standard Token (PAX).
As stated in the press release, stablecoins are now live on the BitPay wallet app, enabling consumers to spend the U.S. dollar-backed digital currencies at various merchants across the globe, pay friends and family in real-time, and more.
The team says BitPay wallet holders will no longer have to worry about the delays and costs that come with bank transfers or wires as obtainable in other payment solutions since wallet-to-wallet crypto transfers are spendable as soon they’re confirmed.
At a time when the European Union has started pointing its searchlight into stablecoins, in an effort to curb the “risks” associated with these innovative cryptos, the BitPay team firmly believes that stablecoins will do consumers more good than harm.
Commenting on the development, Stephen Pair, CEO of BitPay reiterated that the integration of stablecoins into the BitPay ecosystem offers merchants and consumers endless possibilities, as it provides them with the stability of the U.S. dollar, as well as the security and efficiency of distributed ledger technology (DLT) powered payments.
In his words:
“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.”
In October 2019, BitPay successfully completed its Service Organization Control 2 (SOC) review, making it one of the most secure crypto service providers in the world.
With the latest additions, BitPay now supports a total of five cryptocurrencies including BTC, BCH, GUSD, PAX and USDC.