Global blockchain payments provider BitPay announced on Tuesday it the rollout of stablecoin payments for merchants and consumers. BitPay reported that it now supports payment acceptance and settlement in any of three popular volatility-free stablecoins, Circle’s USD Coin (USDC), the Gemini Dollar (GUSD) and Paxos Standard Token (PAX).
“With the addition of the three tokens to the BitPay wallet app, consumers are not only able to spend U.S. dollar-pegged currency at businesses around the world like Microsoft and Avnet, they’re also able to transact with the speed and flexibility of cryptocurrencies to pay friends, family, or other individuals. Wallet-to-wallet cryptocurrency transfers are spendable as soon as they’re received, eliminating the costs and delays of bank transfers or wires typical of other solutions.”
Speaking about the rollout, Stephen Pair, BitPay’s CEO, and Co-Founder, stated:
“Accepting or paying with stablecoins 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.”
BitPay went on to add that with the addition of worldwide stablecoin payments to complement a suite of products that includes the BitPay Wallet and the BitPay Prepaid Visa Card.