Global blockchain payments provider BitPay announced on Monday it is now offering the option for merchants to receive settlement in Circle and the CENTRE USD//Coin (USDC) and the Gemini Dollar (GUSD), which are both stablecoins pegged to the U.S. Dollar. According to BitPay, merchants and businesses around the world can accept Bitcoin and Bitcoin Cash and now have the additional option to receive their settlement in a U.S. dollar-equivalent cryptocurrency.
BitPay reported that support for stable coins opens up new settlement options for BitPay merchants and businesses who have only been able to receive settlement in Bitcoin. The organizations now have a non-volatile settlement solution that does not rely on traditional bank wires and BitPay calculates prices displayed on its invoices in 150 currencies and can settle in all 190 supported countries. Speaking about the options, Stephen Pair, Co-Founder and CEO of BitPay, added:
“BitPay was founded to make payments faster, more secure, and less expensive using Bitcoin for organizations around the world. 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.”