- CEO of BitPay, Stephen Pair says the USDC and GUSD stablecoins gives customers an alternative to holding bitcoin.
- The Stablecoins will help merchants to circumvent the volatility that comes with digital assets.
- BitPay says the new stablecoins payment option is most beneficial to businesses in Africa, Asia Pacific, and South America.
BitPay, an Atlanta-based global bitcoin payment service provider, has integrated both the Gemini Dollar and Circle CENTRE U.S dollar pegged stablecoins into its operation to make it easier for merchants to get paid in distributed ledger technology (DLT) based virtual currencies without having to face the challenges of volatility, reported Business Wire on October 15, 2018.
BitPay Fostering Global Crypto Adoption
BitPay, a highly reputed bitcoin payments processor, has announced the addition of Gemini dollar (GUSD) and Circle CENTRE (USDC) to its existing bitcoin and bitcoin cash payment options to help clients solve the problem of volatility present in established cryptocurrencies.
With the latest development, merchants and businesses across the globe can now seamlessly receive payments from clients in bitcoin, bitcoin cash, and the US dollar-pegged stablecoins.
While blockchain-based digital assets allow businesses to receive payments for goods and services in real-time, the fluctuations in the price of bitcoin and the altcoins make this system too risky for merchants, especially at a time when the market is experiencing a bloodbath.
However, with the integration of these two stablecoins created by Gemini cryptocurrency exchange and Circle Internet Financial Ltd., crypto-accepting firms from around the world now have more options to get paid in non-volatile cryptos which can easily be converted to bitcoin and vice versa.
“The introduction of the USDC and GUSD stable coin offers BitPay customers a new alternative to holding Bitcoin and Bitcoin Cash by offering a stable coin option,” said co-founder and CEO of BitPay, Stephen Pair.
Founded in 2011, BitPay is one of the pioneers in the bitcoin and cryptocurrency payments ecosystem, allowing businesses to receive superfast cross-border payments while also operating within the ambits of the law.
Earlier in March 2018, BitPay updated its terms of use, making it clear to merchants that are into the sale of explicit sexual content, narcotics and other illegal products that it will no longer facilitate their payments.
Tether (USDT) Now a Shitcoin?
While stablecoins are the rave of the moment in the cryptoverse, the controversies that have surrounded Tether (USDT), a pioneer stablecoin, is beginning to relegate the coin bin, giving more sterling stablecoins a chance to shine.
