Crypto Payment Service BitPay Launches Settlement in USDC, GUSD

Crypto payment system provider BitPay said it had added two new stablecoins, USDC and GUSD, to the list of what its merchants can accept for payments.

Introduction of New Stablecoins

BitPay, a blockchain-oriented company that provides payment solutions, announced on Monday its merchant partners would be able to settle payments in two new stablecoins – Circle’s USDC and Gemini’s GUSD, both backed by the US dollar.

Previously, merchants and companies worldwide could leverage the BitPay technology to accept payments in Bitcoin and Bitcoin Cash. However, the notorious volatility of cryptocurrencies is likely to make stablecoins a welcome alternative.

Expanded Settlement Options

From now on, BitPay merchants and companies can receive settlement in USDC and GUSD. BitPay invoices can display the prices of these stablecoins in 150 currencies, with settlement available in 190 countries.

CEO Comment

BitPay co-founder and CEO Stephen Pair commented:

“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.”

Enhanced Payment Processing

BitPay claims that users around the world can rely on its system as it processes cross-border payments faster than traditional bank wire transfers. In addition, the technology cuts the high commissions typical of wires. Bitcoin and cryptocurrency payments carried out through BitPay greatly reduce the friction, time, and cost for international business-to-business (B2B) payments, according to the service provider.

Multiple Settlement Methods

Now companies can use BitPay to receive settlements in Bitcoin, Bitcoin Cash, bank transfer, or the two recently added stablecoins. Bank transfers are initiated during business days only, while crypto payments are settled the next day, whether it’s the weekend or a holiday.

About Circle and USDC

Circle, a company backed by Goldman Sachs, launched its USDC coin last month in partnership with CENTRE. The ERC-20 token has been available on Poloniex since the first day, which was to be expected given that the crypto exchange was acquired by Circle earlier in 2018.