Coin News

Digital currency trading service BitPay includes PAX stablecoin

Digital currency trading service BitPay includes PAX stablecoin
Nov 21, 2018 by Rico Wise

As previously reported, BitPay already provided support for the USDC and GUSD stablecoins, deciding to refrain from supporting the infamous Tether currency, which was the first dominant dollar-pegged coin, supported by the Bitfinex cryptoexchange.

From the very beginning, BitPay has been running on the clear premise that traders may be interested in accepting digital currencies, but not are necessarily interested in the involvement with the underlying fluctuating markets. They, along with Coinbase, make traders able to accept payments in BTC and other digital currencies for further payment settlement in USD. These services have been in place since the times when BTC’s market cap was lesser than most publicly traded and private firms.

Implementation of dollar-pegged currencies basically provides the traders with more options of realization of their business gains. Whereas from the technical standpoint stablecoins are security tokens, they are at the same time linked to the value of the US dollar, which means that traders can utilize stablecoins for transaction settlements performed in digital currencies, forgoing the expenses of approaching the fiat currency, and execute all the processes in a timely manner. For example, a cryptotrader owning a substantial amount of USD Coin at BitPay might decide to purchase the price dropping Bitcoin.

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