A curious implementation favors three lesser-used stablecoins, executives shunning Tether, which is by far the industry’s most popular option.
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.
