BitPay, a crypto payment services company, is reportedly introducing support for the Ethereum-based stablecoin USD Coin (USDC) and Ethereum (ETH). According to a recent announcement, customers who use BitPay will be able to pay their invoices via the Polygon network with their USDC and ETH holdings. The move comes as part of Polygon’s partnership with BitPay. “The integration of USDC and ETH into the Polygon platform will allow businesses around the world to accept payments in both cryptocurrencies at all times,” said a representative from Polygon, explaining that these digital currencies are “the most stable” among others.
BitPay, a global blockchain payments pioneer, has reportedly started to support USDC and ETH payments on the Polygon network.
Polygon is a stablecoin built on top of Ethereum (ETH) that provides low-volatility functionality for tokenized assets. It also supports the ERC20 standard protocol and allows users to instantly convert any asset into an equivalent amount of USD Coin (USDC).
BitPay To Launch ETH & USDC
The news was reported by Coindesk, which quoted an unnamed source familiar with BitPay’s operations. The company will first offer this service to clients in Asia and Europe, before introducing it worldwide later this year.
The Polygon network is a payment network that allows users to send and receive payments in any ERC20 token, as well as USDT stablecoins. As part of this partnership, BitPay users will be able to use the cryptocurrency wallet app or website and the related API endpoints for sending funds through these networks (such as Polygon). The funds are then instantly converted into USDC or ETH at BitPay’s exchange rate at the time of transfer (which is determined by market volatility).
USDC is a dollar-backed stablecoin developed by Circle that aims to provide many of the benefits of dollars without some of their drawbacks: namely volatility due to market fluctuations. Stablecoins like these are often seen as one possible solution for crypto adoption because they provide a valuable bridge between fiat currencies and cryptocurrencies such as Bitcoin Cash or Etherum Classic; they also allow users who don’t want exposure into volatile markets while still benefitting from convenience provided by cryptocurrencies’ fast transaction speeds when compared with traditional financial institutions’ methods such as wire transfers which can take days depending on how long each bank takes between processing payments before crediting them back into your account balance.”
