Crypto Payment Platform BitPay Introduces Settlement in Stablecoins

Crypto Payment Platform BitPay Introduces Settlement in Stablecoins

According to a recent announcement on October 15th, it was reported that one of the US crypto currency payment processor Bitpay has fully accepted the stablecoins. The company has freely allowed its various merchants to receive adequate settlement in Gemini Dollars {GUSD} alongside with circle USD coin {USDC}.

It was founded in the year 2011 in the Atlanta, Georgia, Bitpay now provides payment service with bitcoin and bitcoin cash  with customer data base of around 20,000 business globally.

Apparently, the hand in hand of GUSD and USDC are all from Ethereum blockchain based stablecoins which was issued by a regulated crypto exchanges Geminu and Circle. The values of each of these coins is derive from the values of the US dollars at the interval of 1:1 ratio, in which its purportedly reduces the risk of volatility.

BitPay express their ideas in its blog post that the stablecoins has grant merchants access  to receive settlements in any part of the world even if its mean they do not have an operational bank accounts, due to  the fact that coins exist on borderless blockchains. BitPay has accepted the fact to issue settlement between GUSD and USDC within the duration of 24 hours immediately after a merchant gets a sufficient and complete settlement balance of 20 GUST or 20 USDC.

Precisely last month, Bitpays CCO Singh made a speech that the cryptocurrency market are now listed on the threshold of a new era of progression, which subsequently requires some certain factors “defining moment", or even a "catalyst”. Singh also went ahead on lamenting that the altcoins "will never come back" to their previous ground or level, also went further to predict about the future of BTC "will rebound next year".

The crypto exchange OKEx earlier today announce the listing of four stablecoins TrueUSD {TUSD}, USD coin {USDC}, Gemini Dollars {GUSD} and Paxos Standard Token {PAX}. On each of the schedule, the stablecoins became very much available for deposit today at around 05:00 p.m.  Hon-Kong time {HKG} with quite a few numbers of crypto trading pairs. The initiation of withdrawal will be active on the 16th of October {TODAY}.

 It's so pathetic for Tether to witness a drastic and significant drop in price, which happens to be trading below its historical trading range. Meanwhile, the core reason for the USDT price plunge are not yet fully confirmed, there are lot of report of an alleged loss of market trust which might leads to a possible sell-off. Lot of investors are massively losing faith because of the ongoing lack of transparency which is surrounding Tether's which claims to bounce back 1:1 by the USD.

At press time, Tether seems to have rebounded, as it is trading at $0.98, down 0.58 percent on the day, according to CoinmarketCap.

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