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Crypto Payment Platform BitPay Introduces Settlement in Stablecoins

U.S.-based cryptocurrency payment processor BitPay has started accepting stablecoins, according to an announcement published Oct. 15. The company now allows its merchants to receive settlements in Gemini Dollars (GUSD) and Circle USD Coin (USDC).

BitPay says in its blog post that the stablecoins enable merchants to receive settlements in any part of the world even if they do not have bank accounts, since the coins exist on borderless blockchains. BitPay claims to issue settlement for GUSD and USDC within 24 hours after a merchant gets a sufficient settlement balance of 20 GUST or 20 USDC.

Earlier today, crypto exchange OKEx announced the listings of four stablecoins TrueUSD (TUSD), USD Coin (USDC), Gemini Dollar (GUSD), and Paxos Standard Token (PAX). Per the schedule, the stablecoins became available for deposits today, at 05:00 p.m. Hong Kong Time (HKG), with a number of crypto trading pairs. Withdrawal will be available starting Oct.16.

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