BitPay Adds Support ForGemini Dollars (GUSD) and Circle USD Coin (USDC) As Tether (USDT) Woes Persist

16. Oct 2018 Posted by Guest on News

Cryptocurrency payment processor BitPay has added support for Gemini Dollars (GUSD) and Circle USD Coin (USDC). With the addition, merchants can now choose to accept payments pegged on the two Stablecoin in addition to other Altcoins.

The addition comes at a time when Stablecoin continue to elicit strong interest. The fact that such coins are pegged on items such as the U.S dollar is one of the reasons behind their growing popularity.  Such coins also provide a way for merchants and organizations to transact using more fluid and nonvolatile cryptocurrencies

According to BitPay co-founder, Stephen Pair, customers can now forego costly and complicated Wire transfers.  Customers also stand to enjoy quick bank settlement when it comes to cross order payments while enjoying reduced fraud risk.

Support for Gemini Dollar and Circle Center coin also gives merchants more options for settlement. BitPay already offers support for Bitcoin (BTC) Ethereum (ETH) and Litecoin (LTC) payments on its platform. BitPay already offers cryptocurrency payment services to more than 20,000 people.

“BitPay was founded to make payments faster, more secure, and less expensive using Bitcoin for organizations around the world,” explained Mr. Pair during the announcement.

BitPay is not the only exchange to have added support for Stablecoin in recent days. OKEx has confirmed the listing of four Stablecoin TrueUSD (TUSD), USD Coin (USDC), Gemini Dollar (GUSD), and Paxos Standard Token (PAX). A notable exclusion from the list is Tether which continues to struggle with issues of its own.

South America Africa and the Asia Pacific are some of the regions that BitPay remains optimistic about on Stablecoin utilization. With the help of BitPay services, people in the region should be able to enjoy real-time transactions settled in under 24 hours.  Cross-border fiat currency transaction currently takes 3 to 5 business days to settle.

Cryptocurrency are on the verge of trading high after underperforming in the first half of the year according to BitPay CCO Sonny Singh.  The executive expects cryptocurrency prices to tick higher heading into year-end.  The sentiments come at a time of renewed interest after price implosion early in the year.

The likes of BTC and Ethereum have started bottoming out.Tether remains under pressure depicted by a significant price drop in recent trading sessions. The drop comes on growing concerns over loss of market trust. Investors are on edge on doubts of whether the U.S dollar backs USDT on a 1:1 ratio.