BitPay merchants will now be able to receive settlements for their Bitcoin and Bitcoin Cash payments via Gemini Dollars (GUSD) and Circle USD Coin (USDC) after BitPay introduced stable coin settlements in Gemini Dollars and Circle USD Coin.
The firm says Gemini Dollars (GUSD) and Circle USD Coin (USDC) are both results of efforts by Gemini and Circle (both regulated cryptocurrency exchanges) to represent real US dollar holdings as tokens on blockchains.
The value of each of these coins is pegged to the value of the US dollar at a 1:1 ratio, so there’s no risk of value change or price volatility for holders. Holders can redeem these “stable coins” directly for US dollars via Gemini (for GUSD) or Circle (for USDC) exchange accounts.
Why this matters for BitPay merchants
BitPay makes accepting cryptocurrency easy for businesses. Many of our clients can use BitPay to accept Bitcoin or Bitcoin Cash payments from customers, then receive direct bank transfers in their own local currencies, from pounds to dollars to euros.
Until now, though, BitPay merchants without supported bank accounts (particularly in emerging markets like Asia or South America) could only receive settlements in Bitcoin or Bitcoin Cash. These cryptocurrencies are great for fast, cross-border settlements, but they do carry a risk of price volatility. When Bitcoin or Bitcoin Cash prices change, this can be hard for businesses that don’t have reliable access to cryptocurrency exchanges.
Because GUSD and USDC tokens exist on borderless blockchains, BitPay can now settle these US-dollar pegged stable coins to merchants, wherever they are in the world – even if they don’t have bank accounts*. And since each GUSD and USDC stable coin is tied to one US dollar, there is no volatility risk for the business receiving the settlement.
Getting started with GUSD and USDC settlements
All of BitPay’s merchants can start receiving all or some of their BitPay settlements in the form of GUSD or USDC, starting today.
It’s easy to get started. All you’ll need is a wallet compatible with ERC20 tokens. Follow these steps in your BitPay account to add your new settlement preferences:
1. In your BitPay dashboard, select
Edit next to
3. Add your ERC20 wallet address for either USDC or GUSD.
4. Save your settlement settings and confirm them in the email you receive from BitPay.
Once you do that, you’re all set! Just like all our cryptocurrency settlement options, BitPay issues settlement for GUSD and USDC within 24 hours of when a merchant gets a sufficient settlement balance (20 GUSD or 20 USDC). The blockchain doesn’t have bank holidays, so we send cryptocurrency settlements 365 days a year.
To learn more about how to redeem GUSD for US dollars*, check out the resources provided by Gemini (for GUSD) and Circle (for USDC):
This new settlement option is open to BitPay’s merchants around the world to make payments work better and faster in a global marketplace.