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Bitpay Announces Support For Settlement Using Stablecoins

BitPay will now allow settlement via two stablecoins Gemini (GUSD) and Circle (USDC) as per the announcement on Monday, October 15, 2018.

Gemini And Circle

As per their Medium postBitPay merchants can now settle in BTC or BCH while utilizing the US dollar-equivalent digital currency. Using stablecoins adds security to the risk of volatility that cryptocurrencies inherently possess. The post also explains,

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.

After having a balance of 20 GUSD or 20 USDC BitPay claims to issue settlement for the same within 24 hrs.

Bitpay settlement stablecoin

Sonny Singh, the CCO of BitPay said that cryptocurrency market is maturing. Also, now on the threshold of a new progress and requires a “catalyst”. Further added saying, altcoins will “never come back” to their previous levels while Bitcoin will rebind “next year”. BitPay also stated,

We are excited to open up this new settlement option to BitPay’s merchants around the world. This is just another way that blockchain technology is making payments work better and faster in a global marketplace.

And also said that this settlement service will be available 365 days. Moreover, will have no holidays like the traditional banks.

Stablecoins

Earlier today, the third largest cryptocurrency exchange OKEX also announced plans to list four new stablecoins, GUSD, PAXOS (PAXOS), True USD (TUSD) and USD Coin (USDC). The coins will be listed at 1700 HRS Hong Kong Time (HKT) October 15, 2018, and they will be paired with BTC. Withdrawal, however, will be available on October 16, 2018.

The stablecoins are gaining a lot of traction and this is due to Tether’s price falling to $0.97 in Binance and $0.87 on Bitfinex. There have been a lot of speculations regarding tether coin and if US dollar actually backs it. Users are losing faith in tether’s lack of transparency surrounding claims on backing by US dollar. The prices of Tether rebounded back to the original price at a later time.

Due to Tether’s controversy, other stablecoins have started to compete for its spot. Only time will tell the tale of a tether. What do you think?

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Kerin

Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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