India, Dec. 11 -- Bitcoin Payment Processor BitPay added support for three US dollar-backed stablecoins to provide merchants and businesses more option to receive the settlement for their payments. It has added support for Circle's USD Coin (USDC), the Gemini Dollar (GUSD) and Paxos Standard Token (PAX).

This will enable consumers to spend the volatility-free stablecoins at businesses around the world like Microsoft and Avnet, along with the speed and flexibility of cryptocurrencies and also eliminate costs and delays of bank transfers or wires typical of other solutions.

Stablecoin transactions are verified by a decentralized network and recorded on an immutable public ledger, providing transparency and eliminating traditional payment ...