Today, Loop Crypto, Inc., the protocol for recurring and one-time crypto payments, is excited to announce support for the Gemini dollar stablecoin (GUSD) as a payment option for the Loop Protocol. Users of Loop will now be able to send and receive funds in GUSD.
When it comes to using crypto for commerce, stablecoins have been a critical innovation enabling businesses to realize the benefits of crypto payments, like instant settlement and lower transaction fees, with payments denominated in USD. Including GUSD on the Loop Protocol is another milestone for us in facilitating global commerce and giving our users access to a broad range of stablecoin options.
GUSD is a full-reserve, fiat-backed stablecoin. With over $360M in circulation on Ethereum, GUSD is one of the top ten largest stablecoins globally according to DeFiLlama. It is widely available across decentralized exchanges (DEXs), like Uniswap and Balancer, as well as on centralized exchanges like Gemini. You can find more details on GUSD here.
A number of companies on the Loop protocol have already made GUSD available as a payment option for their customers. These companies include Chain Patrol, Entendre Finance, Integral, Hash Basis, Satsuma, and Webacy. As stablecoins increasingly become mainstream for global payments, accepting payments in GUSD will allow these companies to serve a global customer base as they grow their enterprises. With no-fee conversions from USD to GUSD on the Gemini exchange, the stablecoin is also a great option for companies who need to transfer regularly between crypto and fiat.
“Loop Crypto is providing payments infrastructure that is critical for the evolution of web3,” said Marty Stenson from Gemini. “We’re excited to be working with the Loop team and to announce that GUSD is now available on the protocol.”
GUSD is currently available for clients using Loop on Ethereum mainnet. To learn more about GUSD and how to use it on the Loop Protocol, contact the Loop team.
Loop Crypto makes it simple to collect and pay in crypto by allowing companies to turn on autopay and schedule payments. Built by web3 veterans, Loop unlocks payment automation to reduce customer churn and eliminate time-consuming payment collection and follow-up. By connecting on-chain and off-chain data, Loop streamlines invoice reconciliation, accounting, and fits seamlessly into your financial stack.
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Gemini is a platform that allows customers to buy, sell, and store cryptocurrencies like Bitcoin, Ether, and DeFi tokens. Gemini's simple, reliable, and secure products are built to unlock the next era of financial, creative & personal freedom. Gemini was founded in 2014 by twin brothers Cameron and Tyler Winklevoss.