BitPay, a bitcoin and blockchain payments provider, today announced the option for merchants to receive settlement in Circle and the CENTRE USD//Coin (USDC) and the Gemini Dollar (GUSD), which are both stablecoins pegged to the US Dollar.
Merchants and businesses around the world can accept bitcoin and bitcoin cash and now have the additional option to receive their settlement in a US dollar-equivalent cryptocurrency.
Support for stablecoins opens up new settlement options for BitPay merchants and businesses who have only been able to receive settlement in bitcoin.
These organizations now have a non-volatile settlement solution that does not rely on traditional bank wires. BitPay calculates prices displayed on BitPay invoices in 150 currencies and can settle in all 190 supported countries.
BitPay enables merchants and businesses to receive international payments faster and more economically than 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. Bitcoin payments dramatically reduce the friction, cost, and time of cross-border business to business payments.
The business has the option to take their settlement proceeds in bitcoin, bitcoin cash, a bank transfer, or now a stable coin (USDC or GUSD). Settlement by bank transfer is initiated the next business day and cryptocurrency is settled the next day, 365 days a year.
The ability to settle in stablecoins is ideal for businesses in the Asia Pacific, South America, and Africa regions says BitPay.