Stablecoin payouts are the next evolution of the financial world: using cryptocurrency to make cross border transactions, using a digital, decentralized currency that allows you true financial freedom. By signing up for a Client Portal account, you can integrate with Rapyd today and begin using stablecoin payouts.
What is Stablecoin?
Stablecoin is a specific type of cryptocurrency that functions slightly differently than most cryptocurrencies. Most crypto derives their entire value from a form of digital scarcity. A limited number of the cryptocurrency is released and the users have to “mine” for this cryptocurrency by using algorithms to “search” for the cryptocurrency. When the crypto is found and verified, the user gets to keep the cryptocurrency. The most recognizable cryptocurrency that uses this model is Bitcoin.
An issue with cryptocurrency is its volatility. Although crypto can and does hold value, the value does not remain stable over time, but fluctuates wildly. This is partly due to cryptocurrency exchanges, and how the users treat crypto like an asset instead of a currency. When crypto is traded like an asset, it is bought and sold based on its perceived value. When crypto is treated like a currency, it is used to purchase everyday goods and services.
But Stablecoin is different. Although it uses the blockchain to verify transactions like all cryptocurrency, its value is pegged to both gold and fiat currency. This allows stablecoin to be “stable” and not experience sudden fluctuations in its value. This stability makes it favorable to be used as a currency in transactions such as payments and payouts. Rapyd now offers stablecoin payouts, allowing you to pay others using cryptocurrency.
Stablecoin Payout Features
When logging into the Client Portal, you can navigate to Disburse > Payouts and click the Create Payout button in the upper right corner. From there, you can create a payout, selecting UDSC as the payout currency.
When creating a payout, you can select the crypto account that has the stablecoin. And then define the beneficiary that will receive the payout. Fiat currency can also be converted to stablecoin when making the payout. The beneficiary can either be an individual or a company. You also need to agree to the provided Terms and Conditions before completing the crypto payout.
See Creating a Crypto Payout for more detailed information.
Rapyd and Using Stablecoin
Rapyd now offers stablecoin payouts through the Client Portal, and through the Rapyd API using the Create Payout endpoint. See Stablecoin Payout for more detailed information about how to complete a stablecoin payout using the API. Using stablecoins is useful because it gives you another financial tool that you can use. Both USDC and USDT are offered as payout currencies, and are now supported currencies.
Fintech and stablecoin blend together perfectly because both represent moving outside of the traditional financial establishment and represent the efforts to try and create a better path for all parties involved.
When using the Rapyd Client Portal, you can have a chance to enter the cryptocurrency world using a no-code solution. The process of using stablecoin is simplified. Rapyd provides the best available options to broaden your financial horizons.