It is already possible to pay suppliers directly using tokens, and many major businesses around the world have started accepting stablecoins. There is really no reason for your company to wait for the banking system to catch up. The infrastructure already exists to begin transforming your company with stablecoins today. What you need:
Which stablecoin should you choose?
- A cryptocurrency wallet: For the vast majority of stablecoins, any ERC-20 compatible wallet will do. If you intend to hold your funds long term, it is recommended to get a hardware wallet. If not, a software-based solution may do. You can learn more here.
- An exchange account: For deposits and withdrawals, you will need to have access to a licensed cryptocurrency exchange. This will enable you to purchase stablecoins with fiat currency or to sell them later. We highly recommend our EU-based exchange partner, ALTERXE. Unlike other exchanges, they specialize in business clients and offer ultra-fast corporate account onboarding.
- Tax guidance: While it is unlikely to be the case, stablecoins may be subject to capital gains taxes in your jurisdiction. You can contact us in order to get more clarity regarding this question.
Coin Market Cap currently tracks more than fifty stablecoins with a total daily trading value of about $100 million. Of the most active of these tokens, each offers users certain advantages. Here's just a few stablecoins you and your business might want to consider: Tether (USDT)
Absolutely dominating the stablecoin market in terms of both market value ($84 million) and trading volume ($64 million), Tether is currently the go-to for most crypto traders. In terms of integration, Tether also leads the pack, trading on virtually every major crypto exchange, including ours
and accepted as a means of payment by a number of popular online services and stores. The stablecoin is hosted on the Ethereum blockchain. USD Coin (USDC)
In terms of technical infrastructure and financial backing, USD Coin really doesn't differ from Tether at all. That said, owing to its domestic integrations, USDC is probably the best fiat-backed choice for businesses located in the United States. Issued by publicly-traded American crypto-behemoth Coinbase, this stablecoin can be automatically tracked by Gilded, an accounting platform that helps US-based businesses achieve tax compliance.DAI
Unlike the above stablecoins, DAI is issued by a decentralized autonomous organization
(DAO). This particular organization, called MakerDAO, ensures that DAI maintains a stable value not through the purchase and custody of a backing asset, but through an algorithmically-powered system of smart contracts that govern the burning and issuance of tokens in line with the laws of supply and demand. DAI is a good alternative to centralized stablecoins from the point of view of diversification.