BitPay Adds Support for 3 Stablecoins Including Gemini Dollar

Blockchain payments processor BitPay has included support for three stablecoins—the Gemini dollar (GUSD), Circle’s USD coin (USDC), and Paxos Standard token (PAX). 

The rollout enables BitPay’s more than 30,000 merchants, including Avnet and Microsoft, to acknowledge payments in the three stablecoins from buyers. This means that BitPay’s wallet clients, along with its prepaid cardholders, will have the option to spend GUSD, USDC, and PAX through supported merchants.

“Businesses can invoice international customers without the need for costly, complicated cross-border wire transfers. Customers can send and receive payments using fast, efficient, and volatility free dollar-pegged stablecoins,” said Stephen Pair, co-founder and CEO of BitPay.

Joshua Rawlins, managing director of financial operations, said merchants benefit by “faster, cheaper, and fraud-resistant payment settlement” and shoppers benefit by the simplicity of utilizing digital currency “without worrying about price fluctuations.”

BitPay additionally supports bitcoin (BTC), ether (ETH), and bitcoin cash (BCH) payments. The company has also been getting ready to incorporate XRP digital currency on its platform, following a collaboration with Ripple’s developer program Xpring.

Established in 2011, BitPay handled more than $1 billion in payments a year ago from worldwide merchants. The company is backed by prominent investors, having raised more than $70 million in funding from Peter Thiel’s Founders Fund, Virgin Group, and Nimble Ventures, among others.