Merchants using BitPay platform to accept payments from their clients now have the option to accept Circle, Center USD (USDC), and the Gemini Dollar (GUSD) stable coins which are pegged on the USD, in addition to acceptin Bitcoin and Bitcoin Cash.
The new option will offer BitPay customers with an alternative of holding Bitcoin and Bitcoin Cash and more than 180 other cryptocurrencies. The merchant tool is used by customers from all over the world in 190 supported countries. As non-volatile settlement solutions, stablecoins can be used to ensure that the value of money paid by customers will not decrease considerably between the time of paying and the time the merchants receive them.
Stablecoins are seen as an important step towards dealing with volatility where the price of cryptocurrencies fructuates within a short or no time in the market. Previously, most merchants willing to accept cryptocurrencies would have had to withdraw their proceedings within no time to avoid losing value as prices go down. Many more merchants chose to stay away from accepting cryptocurrencies due to the fact that they fluctuate in prices alot.
Volatility does not mean that the value of cryptocurrencies cannot go up: stablecoins would be helpful if merchants foresee a possibility of decrease in prices.
However, with BitPay, they can still accept Bitcoin and Bitcoin Cash as payment from their customers and hold the coins expecting a price increase to gain more.
BitPay, which uses blockchain to settle these merchant transactions, helps them to receive international payments faster and more economically rthan would banks. Unlike wire transfer and banking payments, transactions are less costly and take no time. But with BitPay, customers can also choose to receive the payments through a bank transfer. While a bank transfer on the platform is initiated the next business day, cryptocurrency is settled in the next day.
BitPay also lets customers to manage digital assets using the BitPay Wallet and turn digital assets into dollars with the BitPay Prepaid Visa® Card. Customers can choose from a number of options when accepting payments including direct point-of-sale integrations to web and iOS and Android mobile-based apps. The platform also offers a number of other options such as tipping, order number tracking, and use among multiple staff members.