The operator of the cryptocurrency payment system BitPay, which allows merchants from more than 38 countries to accept payment in Bitcoin and Bitcoin Cash, will take measures to protect its customers from the volatility of these digital assets
In their blog, company representatives indicated that merchants from countries that do not have a direct cryptocurrency-to-fiat conversion service can now accept payment in cryptocurrency and immediately convert it into dollars from Gemini or Circle. These two cryptocurrencies are pegged to the US dollar and are not subject to price volatility.
Because GUSD and USDC tokens exist on a blockchain that can be accessed by anyone, anywhere in the world, BitPay can now help entrepreneurs accept payments in stablecoins wherever they are - even if they don't have bank accounts.
Gemini Dollar (GUSD) is an ERC-20 token that is developed by Gemini Trust COmpany, LCC, and is backed by US Dollars. handled by State Street Bank. To ensure full transparency of the token, the government accounting firm BPM, LLP is reviewing it and analyzing the price (which should always be equal to the price of the US dollar). At the same time, USDC has the backing of Goldman Sachs, and is also being promoted as a new form of money.
Circle founders Sheen Neville and Jeremy Allair previously stated:
Individuals and institutions can use this service to withdraw US dollars from bank accounts and convert them into tokens that can be used anywhere there is internet access.
Blockchain and cryptocurrencies provide secure and fast cross-border money transfers. Additionally, cryptocurrency transactions are much cheaper than their traditional counterparts, which can take days to complete.
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