USDC Blockchain Companies: Bitwage Implements USD Coin to Pay Remote Workers on the Stellar Blockchain

We are continuing our ongoing pace of payroll innovation by announcing that we are enabling USD Coin (USDC) via the Stellar blockchain on our platform.

Companies across the world now have a fully compliant, easy-to-use, and frictionless solution when it comes to paying their employees and contractors globally. Hiring talent among different continents and countries can be a major pain – even for companies that already have an established presence in the countries they want to hire from – and we are aiming to provide a new solution with this latest implementation.

Paying your workforce in specific countries is a process that is plagued with a variety of problems. Leveraging global banking systems for payroll can take many hours, and this issue is compounded by the fact that accurate reporting requires lots of time and effort. To avoid these major headaches, companies resort to not hiring at all from specific countries.

In addition to this, it’s a harsh reality that workers around the world are losing up to 10% of their salaries, waiting between five days and two weeks to receive their paychecks. Many of these workers then receive money in local currencies with much higher rates of inflation, meaning they lose 5% to 20% of their savings compared to the dollar every year.

“The use case is especially prevalent in Latin American markets where stablecoins are quickly growing in popularity,” said Chester. “In places like Argentina, Brazil and Mexico, there is incredible demand for stablecoins on chains that have lower fees. Stellar has a great history and so they work out perfectly for this.”

With this announcement, workers are now able to receive any percentage of their salaries they want in digital dollars, via USDC. This means lower costs, same-day deposits of their funds, the ability to store their savings in USD, and the ability to get local currency exactly when they need it. By leveraging USDC on the Stellar blockchain, workers are given access to USDC on a low-fee blockchain that has one of the longest histories in the industry. Users can easily access USDC through major exchanges and platforms worldwide, making it convenient to acquire, trade, or transfer USDC in over 100 countries.

Here’s how it works: Any company in the world can register with Bitwage today and use it to pay their workforce. After this, the company invites their workers to Bitwage’s platform. Workers then choose what percentage of their salary will go into USDC, local currencies, or Bitcoin. When it comes to salary itself, companies pay the wages just like they are used to paying, without reducing overhead on their accounting or salary department. Once paychecks are funded and paid, workers receive USDC and any other currencies to addresses or bank accounts associated with their user or business account that they have provided.

If an individual needs their money right away, and they can’t afford to hold it for long periods of time, USDC is an extremely convenient option. Additionally, big companies looking for stability may not be ready to take on the occasional volatility of Bitcoin. Using Bitwage for USDC payroll with Stellar gives both individuals and companies a low-risk option to partake in the crypto payroll revolution.

USDC on the Stellar network has lower fees, so you can receive your money faster, cheaper and keep it as digital dollars for saving,” said Bitwage CEO Jonathan Chester. “Our users have been asking for low-cost options for stablecoins and we are very excited to deliver. Now, companies can guarantee cheaper, faster and better payment options to all their workforce. This option is fully regulated and compliant so all companies have to worry about is how to keep their employees happy and not worry about payments issues. Thanks to USDC over Stellar, digital dollars will make a huge change to people’s lives.”

With USDC, users can send USDC instantly and at low cost for global payments, making it a cost-effective alternative to traditional payment methods. Global payments can be made for less than a cent, making it affordable for anyone, regardless of their location or financial situation.

After receiving USDC, workers can use their digital wallet to manage their funds. A reliable internet connection and a digital wallet are required to send and receive USDC globally. Workers can also spend their USDC for online or in-person transactions, benefiting from secure, real-time payment capabilities.

Workers have the flexibility to trade USDC for other cryptocurrencies or fiat currencies on major exchanges. 24/7 trading services are available for USDC, allowing users to execute trades at any time. USDC is compatible and integrated with other cryptocurrencies, supporting seamless transfers and conversions across the digital asset ecosystem.

In addition to Stellar, USDC is also natively supported on Polygon PoS and other major blockchains, enabling fast and cost-effective transactions. USDC is natively supported on 19 blockchain networks, providing users with a wide range of options for seamless integration and use. USDC continues to expand to emerging blockchains, facilitating broader adoption, interoperability, and innovation. Its presence on other blockchains increases market reach and supports a multi-chain strategy. Furthermore, USDC has been bridged to many emerging blockchains by third-party bridges, enhancing its accessibility and utility across the digital ecosystem.

Bitwage’s platform also offers a range of tools for developers and businesses to integrate and manage USDC payments efficiently. USDC supports programmable applications, enabling developers to create accounts with one line of code, which simplifies the process of building and deploying innovative financial solutions.

Looking to the future, USDC is expected to expand further with ongoing technological progress and new blockchain integrations, driving continued innovation in the digital currency space. Programmable dollars can unlock new business applications, paving the way for more efficient and tailored financial solutions for companies and individuals alike.

Introduction to Bitwage and USD Coin

Bitwage stands at the forefront of remote payment solutions, empowering companies and workers around the world to streamline payroll processes. At the heart of this innovation is USD Coin (USDC), a digital dollar stablecoin designed for fast, secure, and low-cost payments. USDC is fully backed by cash and highly liquid cash-equivalent assets, ensuring that every digital dollar is supported by real-world value. Holdings backing USDC include cash and short-dated U.S. Treasuries held in regulated U.S. financial institutions. This robust backing provides a safe haven from market volatility, making USDC a reliable choice for both businesses and individuals. By integrating USDC, Bitwage enables remote workers to receive their salaries in a stable digital dollar, offering a modern payment solution that combines the security of traditional financial assets with the efficiency of blockchain technology.

Benefits of Using USDC for Remote Payments

Leveraging USDC for remote payments brings a host of advantages to both employers and employees. Transactions are settled instantly on the blockchain, eliminating delays and reducing reliance on traditional finance intermediaries. This not only lowers transaction costs but also minimizes the risk of fraud and errors, making payments more secure and reliable. USDC’s value is anchored by highly liquid cash and cash equivalent assets, ensuring it remains stable and always redeemable for one US dollar. As a fully reserved stablecoin, USDC is designed to maintain price equivalence to the US dollar. As the second largest stablecoin in the crypto ecosystem, USDC is widely accepted across exchanges and platforms, providing seamless access and exchange options. These features make USDC an ideal solution for remote payments, offering stability, speed, and security that surpass traditional finance methods.

Bitwage’s Implementation on the Stellar Blockchain

Bitwage’s adoption of USDC on the Stellar blockchain brings a new level of efficiency and accessibility to digital dollar payments. The Stellar network is a decentralized, open-source platform known for its fast, secure, and low-cost transactions. By utilizing Stellar, Bitwage ensures that USDC is natively supported, allowing users to access and transfer digital dollars with ease. This integration provides businesses and remote workers with a seamless experience, enabling instant settlement and reducing payment friction. With Stellar’s robust infrastructure, Bitwage users can confidently send and receive USDC, making it a practical and attractive option for global payroll and business transactions.

Earning and Saving USDC as a Remote Worker

For remote workers, earning and saving USDC offers a stable and secure way to manage finances in the digital age. Through platforms like Bitwage, workers can receive their earnings directly in USDC, a digital dollar that retains its value and shields against market volatility. Unlike most cryptocurrencies, USDC is designed to weather financial downturns with minimal volatility, providing a reliable option for individuals seeking financial stability. USDC can be stored in a digital wallet, providing easy access and the flexibility to participate in decentralized finance opportunities. Remote workers can also earn rewards, such as interest on their USDC holdings, creating new avenues for passive income. By choosing USDC, individuals gain greater control over their money, benefit from faster payments, and enjoy the stability of a digital dollar backed by real-world assets.

Regulatory Compliance and Security

USDC is issued by Circle, a regulated financial institution, and operates under the oversight of the Centre Consortium, which includes leading financial institutions dedicated to maintaining the highest standards of compliance and security. Circle holds virtual currency licenses in New York and Louisiana, further solidifying its commitment to regulatory compliance. Circle is also registered as a Money Services Business with FinCEN, ensuring adherence to U.S. federal regulations. Deloitte & Touche LLP is Circle’s independent auditor and has audited Circle’s financials since fiscal 2022, providing an additional layer of trust and transparency. Circle, a financial technology company headquartered in the United States, ensures that each USDC token is fully backed by reserves and subject to monthly attestations, ensuring transparency and trust for all users. This rigorous regulatory framework means that USDC transactions are secure, reliable, and compliant with global financial regulations. For businesses and individuals using Bitwage, this translates to peace of mind, knowing that their payments and financial transactions are protected by industry-leading security measures and regulatory oversight. If you have questions about your verification pending status on Bitwage, you can find detailed answers in our FAQ.