Crypto Payment Platform BitPay Introduces Settlement in Stablecoins
U.S.-based cryptocurrency payment processor BitPay has started accepting stablecoins, according to an announcement published Oct. 15. The company now allows its merchants to receive settlements in Gemini Dollars (GUSD) and Circle USD Coin (USDC).
Founded in 2011 in Atlanta, Georgia, BitPay provides payment services with Bitcoin (BTC) and Bitcoin Cash (BCH) with a customer base of 20,000 businesses globally.
GUSD and USDC are Ethereum (ETH) blockchain-based stablecoins issued by regulated crypto exchanges Gemini and Circle. The value of each of these coins is tied to the value of the U.S. dollar at a 1:1 ratio, which purportedly reduces the risk of volatility. BitPay says in its blog post that the stablecoins enable merchants to receive settlements in any part of the world even if they do not have bank accounts, since the coins exist on borderless blockchains. BitPay claims to issue settlement for GUSD and USDC within 24 hours after a merchant gets a sufficient settlement balance of 20 GUST or 20 USDC.
