Crypto startup Paxos is partnering with payments firm BitPay to allow the latter’s merchants to utilize the Paxos Standard stablecoin in settling transactions.
Announced Tuesday, the move will give BitPay clients the ability to conduct transactions using a cryptocurrency while maintaining the “the trust and stability of the U.S. dollar,” according to press statements. BitPay’s overseas clients, in particular, will be able to benefit from settling transactions via the stablecoin.
BitPay already allows merchants to use bitcoin (and the now-former bitcoin cash) to process transactions. In a statement, co-founder and CEO Stephen Pair noted that adding the PAX token would further enable low-cost transaction settlements.
Paxos vice president of marketing and communications Dorothy Chang told CoinDesk that the company anticipated crypto traders being the first and primary users of the stablecoin.
However, the group planned for payments firms and merchants – and ultimately consumers – to also utilize the token.
She added:
“We are excited that PAX is already taking that first step towards broader usage outside the world of crypto trading. As PAX becomes more commonly used, more and more people are gaining access to a stable currency they can use to save, to conduct commerce, and to participate in a global economy that moves in real-time.”
The token was first revealed in September, as one of the first stablecoins to be approved by the New York Department of Financial Services.
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