BitPay, the global blockchain payment service provider introduced stablecoin payments to retailers and consumers worldwide. In all three common volatility-free stablecoins such as Circles USD coin (USDC), Gemini Dollar (GUSD), and Paxos Standard Token (PAX), the company supports payment acceptance and settlement.
Recently, the stablecoins have been increasing both in number and use as they combine cryptocurrency efficiencies with the added benefit of being linked to US dollar stability. As cryptocurrencies, a decentralized network checks and tracks stablecoin payments on an unchanging public ledger, ensuring transparency and removing conventional credit card-related payment fraud. Stablecoins are removing the volatility associated with other cryptocurrencies that are attached to fiat currency.
“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,” said Stephen Pair, BitPay’s CEO, and co-founder. Without the need for expensive, complex cross-border wire transfers, companies can invoice international customers.
BitPay is focused on continuing the innovation legacy they have built as the first mover in blockchain payment processing with the introduction of global stablecoin payments that complement a suite of products like BitPay Wallet and the BitPay Prepaid Visa® Card.The company is continuing to transform how businesses and individuals send, receive, and store money in both existing and emerging markets.