- The three stablecoins added are USDC, GUSD, and PAX.
- The use of stablecoins provides businesses and consumers with the ability to transact immediately with the security of a blockchain ledger.
The largest provider of blockchain payment services, BitPay, is expanding their reach into cryptocurrency. According to a recent press release shared with us by BitPay, the provider will now be offering stablecoin payments, benefiting consumers and merchants around the world. The three stablecoins that the company will be supporting with their settlements and services include the USD Coin by Circle (USDC), the Gemini Dollar (GUSD), and the Paxos Standard Token (PAX).
Along with these tokens, consumers can both spend the stablecoins around the world and transact with the speed of cryptocurrency, submitting payments to businesses, friends, family, and others. Any wallet-to-wallet transfer with this crypto asset can be spent as soon as it is received, which means that consumers won’t have to deal with the cost or delay associated typically with bank transfers.
In recent years, due to how efficient cryptocurrency has become to transact, the use of USDC, PAX, and GUSD has increased. By simply being pegged to an unchanging asset, the stability has given renewed confidence to consumers in the industry, only amplified by being validated on a decentralized network. Being hosted on an immutable public ledger offers transparency in this market, while reducing the risk of payment fraud. Stephen Pair, the co-founder and CEO of BitPay, 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.”
The managing director of financial operation for Gemini, Joshua Rawlins, weighed in on this new development as well. He remarked,
“The pairing of crypto payment acceptance with a stablecoin like the Gemini dollar— which combines the creditworthiness and price stability of the U.S. dollar with blockchain technology —is powerful. Merchants benefit from faster, cheaper, and fraud-resistant payment settlement and consumers benefit from the ease of using cryptocurrency without worrying about price fluctuations.”
Walter Hessert of Paxos added that the use of PAX allows customers to quickly send their payments, and allows retailers to receive those funds instantly, which he feels is “a crucial step.”