Cointelegraph Team
Cointelegraph
Controversial cryptocurrency payment processor BitPay has announced it is adding three stablecoins to its list of supported tokens.
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.
BitPay steers clear of USDT
The rollout brings the total number of available cryptocurrencies to six, alongside Bitcoin (BTC), Bitcoin Cash (BCH) and Ether (ETH).
Notably absent from BitPay’s choice is Tether (USDT), the stablecoin with by far the biggest trading volumes.
“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. Pair added:
“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.”
Corporate decisions in the spotlight
BitPay has faced sustained criticism over various aspects of its business practices this year. As Cointelegraph reported, seemingly arbitrary rejections of payments to charities ignited a storm on social media, with users claiming that the company’s policy constituted the very centralized censorship that Bitcoin was built to eliminate.
A separate problem stems from BitPay’s lack of compatibility with many major wallets. In September, Bitcoin developers signaled future upgrades to the Bitcoin Core client could remove compatibility altogether.
In October, BitPay announced plans to support altcoin XRP for payments.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.