Crypto payroll provider Bitwage has continued with its push to drive innovation of crypto payrolls by integrating the digital dollar (USDC) stablecoin on the Stellar blockchain. The move is aimed at empowering digital dollar salaries globally.
Companies worldwide can use Bitwage’s fully compliant, easy-to-use, and frictionless solution in paying their employees and contractors globally. With the latest implementation of digital dollar on Stellar Network, Bitwage users will be able to hire talent across different countries and continents seamlessly.
Stellar is a low-fee blockchain that has one of the longest histories in the blockchain industry.
Following the implementation, said Bitwage CEO Jonathan Chester said:
“USDC on the Stellar Network has lower fees, so you can receive your money faster, cheaper and keep it as digital dollars for saving. 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.”
Ease of paying employees using crypto
Paying employees in foreign countries is a process plagued with many problems, including being too expensive and taking too long.
Over the years, companies have leveraged the traditional banking system for payrolls; something that can take hours since accurate reporting requires a lot of effort and time. In addition, employees around the world lose up to 10% of their salaries and wait for between five days and two weeks to receive their pay when using the traditional bank wire services.
To make things worse many of these employees receive their pay in local currencies at a much higher rates of inflation losing an addition 5% to 20% of their money compared to the dollar every year.
Following the integration with Stellar Network workers will now be able to receive any percentage of their salaries using digital dollars (USDC) via Bitwage. This translates to lower costs, same day deposits, and the ability to retain their payments in USD and also get their local currency immediately when they need to convert.