- BitPay to start supporting three more Stable Coins
- BitPay notably did not issue support for USDT
- USDC, GUSD and PAX can now be transferred with BitPay
Founded in 2011, BitPay is a payment processing mediator that has until now processed over $1 billion in payments. Initially BitPay only supported Bitcoin, but has slowly increased it support to several other cryptocurrencies. 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.
In a press release on Dec. 10, BitPay confirmed businesses could now accept payment in USD Coin (USDC), Gemini Dollar (GUSD) and Paxos Standard Token (PAX). All are pegged to the U.S. dollar.
The rollout allows BitPay’s over 30,000 merchants, including Microsoft, Wikipedia 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.
“Accepting or paying with stablecoins opens up new possibilities for global businesses that require the stability of the dollar but the security and efficiency of blockchain payments,” CEO Stephen Pair commented in the press release.
Notably, BitPay has now increased support to a total of 6 cryptocurrencies, other include Bitcoin, Bitcoin Cash and Ethereum along with a proposal to include Ripple on a future date.