The Atlanta-based BitPay made the announcement on Monday, explaining that it will allow merchants in 190 countries to accept international payments without relying on costly, time-consuming wire transfers.

"BitPay was founded to make payments faster, more secure, and less expensive using Bitcoin for organizations around the world," said Stephen Pair, the company's co-founder and CEO. "The introduction of the USDC and GUSD stable coin offers BitPay customers a new alternative to holding Bitcoin and Bitcoin Cash by offering a stable coin option."

Previously, merchants could receive settlement in bitcoin, bitcoin cash, and — depending on jurisdictional restrictions — physical dollars and euros. All transactions settled in cryptocurrency will be completed the following day.