The global recession surrounding the coronavirus pandemic has caused many people around the world to seek safe havens for their assets. While we have seen an increase of interest around Bitcoin, it is clear that the US dollar is still the safe haven king. Many currencies have weakened against the US dollar starting in February. Naturally, as a result, we have seen many workers and freelancers around the world asking to be paid in USD-backed stablecoins.
Our goal at Bitwage is to continue to improve the lives of the global remote workforce through financial connectedness. Today, we are happy to announce the launch of USDC stablecoin payouts. This means that employees and freelancers around the world can now receive their wages with the ease of cryptocurrency, but also the stability of the US dollar. Companies can sign up to easily pay workers anywhere in the world. Employees and freelancers can sign up, receive depository accounts in the US, EU or UK, get paid by any employer or client and then receive their wages in stablecoins, cryptocurrency, or fiat currency.
What does this mean for global remote workforces? Bitwage customers have always had the option of having secure, private Bitcoin wages around the world. But for many who do not understand the world of cryptocurrency, the volatility of Bitcoin is too much to stomach. USD-backed stable coins allow us to pay employees and freelancers anywhere in the world, giving those workers a stable form of currency to store their money, while enabling access to faster and cheaper financial services compared to the traditional banking systems.