Bitpay to Provide Stablecoin Support for Merchant Settlement
Recently, stablecoins are frequently appearing on headlines, as it is going through transformations. In addition to that, Bitpay which is a famous cryptocurrency payment processor has declared that the company is now supporting settlement options using two stablecoins which are the Gemini dollar and the Circle Centre coin.
By now, users can choose to accept the Gemini dollar (GUSD) or Circle’s Centre coin (USDC) for settlement. Before this announcement, the user’s choices were limited just to BCH, BTC, or local currencies.
On this, Stephen Pair, Co-founder and CEO of Bitpay elaborated, “Bitpay was founded to make payments faster, more secure, and less expensive using Bitcoin for organizations around the world.”
Here, in the announcement Pair added that stablecoins give merchants more variety to choose from and a new alternative to settling in BTC and BCH. He believes that stablecoins can enable individuals and organizations to transact more fluidly with a “non-volatile settlement solution that does not rely on traditional bank wires.”
Additionally, the firm stated, “Customers can skip costly, complicated cross-border wire transfers and receive or send international payments with Bitpay with accuracy, reduced fraud risk and quick bank settlement.”
Bitpay, the firm pointed out that, the use of stablecoins is going to be an advantage for global areas such as South America, Africa, and the Asia Pacific region.
A Traditional fiat bank settlement is processed the next business day using Bitpay’s services. However, stablecoins, BCH, and BTC settle in a higher speed and US dollar-equivalent digital currency prices tend to be much less volatile than regular decentralized assets.