BitPay’s New Stablecoins USDC and GUSD-BitPay is a global bitcoin payment service provider announced On Monday that the company is now supporting settlement options using two stablecoins – the Gemini dollar (GUSD) and the Circle Centre coin (USDC).
BitPay’s current operations:
Till now Bitpay merchants were able to make settlement options in BCH, BTC, and local fiat currencies but with this announcement they can use a US dollar-equivalent digital currency. From now BitPay merchants and users can receive settlement in USDC and GUSD. BitPay can show the prices of these two stablecoins in over 150 currencies and settlements in 190 countries.
“BitPay was founded to make payments faster, more secure, and less expensive using Bitcoin for organizations around the world. The introduction of the USDC and GUSD stable coin offers BitPay customers a new alternative to holding Bitcoin and Bitcoin Cash by offering a stable coin option.”
-BitPay co-founder and CEO Stephen Pair.
BitPay’s New Stablecoins USDC and GUSD-With the use of stablecoins it enables faster settlements compared to traditional bank transfers. The Bitpay founder also adds with the incorporation of stablecoins they provide individuals and organizations the ability to transact more fluidly with a “non-volatile settlement solution that does not 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 and quick bank settlement,”
– Atlanta-based firm BitPay emphasized.
The major areas that can be benefited from these stablecoins are South America, Africa, and the Asia Pacific regions. With the use of traditional fiat bank settlement which is initiated during the next business days only. It can then demand another 24 hours until the final settlement. Whereas with the use of stablecoins, BCH, and BTC which operates much faster. The settlement can be done next day only, be it the weekend or a holiday.
BitPay states that users around the world can rely on its system due to its upgraded technology. Which cuts the high commissions typical of wires of the Bitcoin and cryptocurrency payments. Which are done through BitPay greatly reduce the friction, time, and cost for international business-to-business (B2B) payments.