On Monday the cryptocurrency payment processor Bitpay announced the company is now supporting settlement options using two stablecoins — the Gemini dollar and the Circle Centre coin.
Not only can Bitpay merchants settle in BTC, BCH, and local fiat currencies, but they can also utilize a U.S dollar-equivalent digital currency.
Bitpay Now Supports Settlement With Two Stablecoins — USDC and GUSD
Stablecoins have been a hot topic recently as a slew of new assets has joined the crypto-economy’s ranks. On Oct. 15th the Atlanta-based firm Bitpay announced the company will now support stablecoins for merchant settlement options. This means Bitpay merchants can choose to accept the Gemini dollar (GUSD) or Circle’s Centre coin (USDC) for settlement instead of settling in BTC or local currencies.
“Bitpay was founded to make payments faster, more secure, and less expensive using Bitcoin for organizations around the world,” explained Stephen Pair, co-founder and CEO of Bitpay during the announcement.
Using Stablecoins Can Produce Faster Settlement Compared to Traditional Bank Transfers
Stephen Pair also adds that stablecoins give merchants more options and a new alternative to settling in BTC and BCH.
The Bitpay founder also details that stablecoins give individuals and organizations the ability to transact more fluidly with a “non-volatile settlement solution that doesn’t rely on traditional bank wires.”
“Customers can skip costly, complicated cross-border wire transfers and receive or send international payments with Bitpay with accuracy, reduced fraud risk along with quick bank settlement,” the payment processing firm emphasized.
The company further believes that global areas such as South America, Africa, and the Asia Pacific region would benefit significantly from the use of stablecoins.
Using Bitpay’s services, traditional fiat bank settlement is initiated the next business day and it can then entail another 24 hours until the final settlement.