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BitPay CEO: “stablecoins are increasingly being used for payments”

The CEO of BitPay reported a 57% increase in the number of payments in cryptocurrencies compared to last year and expressed optimism about the continued adoption of digital assets.

On CNBC’s SquawkBox program, BitPay co-founder and CEO Stephen Pair stated that users see cryptocurrencies as not only an effective store of value, but are increasingly using them to pay for purchases. Over the past 12 months, BitPay’s digital asset payments have grown 57% over the past 12 months, which is a very good result compared to last year, Peir said.

“We are seeing huge demand for stablecoins, which have become a popular payment method on our platform. People buy anything with stablecoins: luxury goods, electronics, boats, cars, real estate and other things. The day will come when you enter the restaurant and you will be able to pay for the order with cryptocurrencies like regular money, ”said Peir.

He noted that the adoption of cryptocurrencies is now at an all-time high, and they will spread even faster next year, as many firms and institutions are ready to accept digital assets as payment.

Peir also mentioned recent discussions regarding the regulation of the cryptocurrency industry. The US Congress and cryptocurrency executives discussed the possibilities of digital assets and called on legislators to support the development of the latest technologies to prevent cryptocurrency businesses from moving to other jurisdictions.

Industry leaders now have the opportunity to engage in “open dialogue” with US legislators and explain how digital assets work. Peir called it a good sign. He is confident that the leaders of cryptocurrency companies will be able to “reach out” to the regulators, which sooner or later will soften the attitude towards the industry due to the growing interest of private and institutional investors in it.

BitPay previously reported an increase in DOGE payments, and in September e-commerce platform Shop.com and payment solution provider Verifone partnered with BitPay. This allowed them to accept payments in Bitcoin and some stablecoins.

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