Merchants working with global bitcoin (BTC) payment service provider BitPay will now also be able to use Paxos’ standard (PAX) dollar-backed stablecoin in settling transactions.

This is a big shot in the arm for the startup, which in September announced its token had been approved, and would be regulated, by the New York State Department of Financial Services.

In a blog post, Paxos said the agreement with BitPay gives merchants “the speed and accessibility of cryptocurrencies combined with the trust and stability of the U.S. dollar. This new settlement option is particularly valuable for overseas businesses that have limited access to a currency as stable as the U.S. dollar.”

ThirtyK Staff
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