Ether, DOGE and Shiba Inu and other altcoins and stable coins are having a chunk into the dominance of bitcoin as a means for paying for goods and services online by 27%. This is according to BitPay. According to BitPay, Ether accounted for 15% of all global payments at merchant stores while stablecoins accounted for 13%. Dogecoin, Shiba Inu, and Litecoin each accounted for 3%.
Per the report, more merchants are finding stablecoins viable for holding and transferring value across borders, obviously because merchants want to reduce the volatility of the value over time. The report also shows that more merchants who accept cryptocurrencies for payments for their goods and services also want to expose their money to volatility by holding or accepting a certain token whose price is anticipated to go up.
Dogecoin, for example, surged 3,600% last year which made merchants willing to accept the crypto for payments given the support it continues to receive from Tesla CEO Elon Musk.