BitPay Adds Stablecoin Option for Settlement, but Not Tether
BitPay, a BTC payment processing service, made an announcement that businesses using their platform can begin to accept payments in certain stablecoins, surprisingly excluding Tether. The tokens accepted are USD-backed Gemini Dollar and USD Coin, allowing them to denominate operations within crypto while maintaining immunity from a volatile market.
The payment firm based in Atlanta, Georgia announced their new offerings on Monday, saying that it is due to allow around 190 nations to accept payments abroad without have to deal with expensive, untimely wire transfers.
The CEO of BitPay said that he helped co-found the service in order to make payments efficient, secure, and quick for BTC-based organizations and businesses worldwide. He believes that the implementation of both USDC as well as GUSD allows customers to access a new way of utilizing BTC and BCH through a more stable coin.
Before the addition of the two new coins, merchants were able to be paid by BTC, BCH, and in some locations, USD and EUR fiats. Crypto transactions have a next-day settlement policy.
GUSD is a relatively new currency created by Gemini, a subsidiary of the Winklevoss Twins. USDC, on the other hand, was developed by a group led by Circle, a crypto agency worth over $3 billion and produced by Bitmain and GS.
Tether is significantly absent from BitPay’s new stablecoin offerings. USDT is typically considered a stablecoin stape and has been the most powerful of them all. However, due to various issues including a declining price and rumors of delisting from Binance, it was not adopted into BitPay’s new policy.