Aside from the viral Bitcoin news which showed a recent spike in the price of the most dominant cryptocurrency, in the other crypto news we have the Bitcoin payment processor BitPay and its decision to launch a stablecoin settlement.
According to the payment processor, merchants may now accept a settlement in USD-pegged cryptocurrency “stablecoins” Gemini Dollar (GUSD) and USD Coin (USDC) which will provide them with the ability to denominate their operations in cryptocurrency all while remaining immune from market volatility.
The Atlanta-based payment processor made the announcement this Monday, explaining that it will allow merchants in 190 countries to accept the international payments without relying on costly and time-consuming wire transfers.
As Stephen Pair, who is the company’s co-founder and CEO stated:
“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.”
Before this, merchants could receive settlement in Bitcoin, Bitcoin Cash as well as USD and EUR currencies (depending on jurisdictional restrictions). All of the transactions settled in cryptocurrency will now be completed the following day.
What’s weird for many is the fact that Tether (USDT) is absent from the list of supported stablecoins. Even though USDT is the dominant token in this market niche and is the eighth largest cryptocurrency by market cap, it recently lost its dollar peg and fell 4%, raising questions about whether the token is fully backed by USD.
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