The new payment service by BitPay would enable over 30,000 merchants to accept payment in the stablecoins globally. According to BitPay, GUSD, USDC, and PAX have increased both in number and use in recent years as they combine the efficiencies of a cryptocurrency with the added benefit of being tied to the stability of the U.S. dollar.
“It saves businesses from costly cross-border transfers.”
The CEO and co-founder of BitPay, Stephen Pair, said that 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. He further added that businesses could invoice international customers without the need for costly, complicated cross-border wire transfers.
BitPay also supports BTC, BCH, and ETH payments.
Along with three new stablecoins, BitPay also supports BTC, BCH, and ETH payments. Gemini’s managing director of financial operations, Joshua Rawlins, said that the pairing of crypto payment acceptance with a stablecoin like Gemini dollar would benefit merchants by faster, cheaper, and fraud-resistant payment settlement. It would help consumers from the ease of using cryptocurrency without worrying about price fluctuations, he added. BitPay was founded in 2011 and has processed over $1 billion in 2018 from global merchants.