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BitPay now lets merchants accept three stablecoins, including Gemini dollar

Yogita Khatri

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

The rollout allows BitPay’s over 30,000 merchants, including Microsoft and Avnet, to accept payments in the three stablecoins from consumers. In other words, BitPay’s wallet users, as well as its prepaid cardholders, will be able to spend USDC, GUSD and PAX via 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.

Gemini’s managing director of financial operations, Joshua Rawlins, said merchants benefit from “faster, cheaper, and fraud-resistant payment settlement” and consumers benefit from the ease of using cryptocurrency “without worrying about price fluctuations.” 

BitPay also supports bitcoin (BTC), bitcoin cash (BCH) and ether (ETH) payments. The firm has also been preparing to integrate XRP cryptocurrency on its platform, following a partnership with Ripple’s developer program Xpring. 

Founded in 2011, BitPay processed over $1 billion in payments last year from global merchants. The firm is backed by notable investors, having raised over $70 million in funding from Peter Thiel’s Founders Fund, Nimble Ventures, and Virgin Group, among others.