On DeFi.cx we often write about DeFi projects that help us invest our money and earn interest like actual banks. However, to achieve greater crypto adoption, the world requires crypto payment systems, allowing operators of websites and/or shops to accept payments and donations in seconds, all the while avoiding the great volatility of bitcoin and other cryptocurrencies. This is where StablePay comes into play, a DeFi product that allows accepting cryptocurrencies and receiving dollars to avoid any risk of volatility.
So what exactly is StablePay? A decentralized payment method that uses the potential of the Ethereum blockchain and smart contracts to receive ETH tokens or ERC20 tokens (most of the tokens found on websites such as CoinMarketCap are ERC20 tokens) directly converted into DAI. These have a value identical to the dollar and will stay that way forever. We can say goodbye to the volatility of traditional cryptocurrencies!
Why use StablePay?
Primarily because the integration of StablePay into a website is really simple and it takes very few clicks to complete the whole operation. To save additional time, the website allows us to request payments and donations in the desired cryptocurrency, thus avoiding fees and the hassle of having to perform several crypto swaps. Security is guaranteed by a smart contract that allows non-custodial transactions for both payments and donations. Finally, as indicated on their website, StablePay is convenient for supporting your favourite content creators or causes you’ve been wanting to endorse for a long time.
But how can you use this service? Maybe asking for donations on GitHub or your blog. Or by adding the cryptocurrency payment system on your e-commerce, as you end up receiving DAI, there is no risk of seeing your money suddenly lose value. Finally, payments can also be requested by creating 1 payment link which will then be sent to the paying user via your favourite social network: Twitter, FB, Instagram and so on. In short, the applications are many and you can turn to your imagination to understand how to take advantage of the simplicity of StablePay.
How safe is it to use websites like StablePay?
Security is always paramount for innovative payment systems and here too there are various levels of security offered to its users. First of all, StablePay is non-custodial and uses smart contracts (verified by QuantStamp) to complete the various payments. If for some crazy reason something should go wrong, the smart contracts will send you back the funds sent and in this case you will only pay the Ethereum fees used for the transaction itself (usually a few cents). StablePay never receives or withholds funds used for payment. The only things to watch out for are malicious users and phishing attempts that will always try to extort money from you by pretending to be someone else, but this is not the fault of StablePay or any other crypto or traditional payment company. Use your head when sending money and always check that the address is right.
Practical uses of StablePay
To start using the service visit this URL. From here, once connected to your MetaMask wallet, you can fill in some fields such as the total amount, the address where to receive the funds and the desired cryptocurrency. At the moment you can choose ETH, cDAI, DAI or cHAI. After filling in all the info you will receive a link to send to the person who has to make the payment. From this new page, the end-user will be able to see the amount to be sent and the receiving address but can also set the gas (in advanced options) for slower or faster payments. Pay attention to the warning above that says that the software is only in the experimental phase and should be used at your own risk. Evidently, the team has not yet launched the final phase and is working to improve the product.
The StablePay Team
StablePay is a self-financed project that also received a grant from a giant of the DeFi universe: Maker. However, the team is also open to new funding, as indicated in their FAQ. If you are interested you can contact them via Twitter or via their official email. The team includes Douglas Molina, Guillermo Salazar, Pamela Rivera, Jose Molina, Gabriel Molina, Daniel Tutila and Erik Suazo.