Paying your team in USDC is a smart decision. The Coinbase and Circle-issued token is pegged to the US Dollar and offers a safe haven from the high levels of volatility that affect other cryptocurrencies.
Both Circle and Coinbase are stalwarts of the cryptocurrency industry and are regulated financial institutions. USDC is powered by the Ethereum blockchain and provides an excellent way to pay your distributed team. And of course, USDC can easily be exchanged on one of the best exchanges in the world - Coinbase.
This unique combination makes USDC an excellent currency in which to pay your team. Unlike other cryptocurrencies, the price of USDC remains stable, meaning your employees can receive their salaries without worrying that its value might decline. Additionally, the token has impressive liquidity with a circulating supply of 450 billion and a daily trading volume of around 300 billion USD.
So if you’re going to pay your team in cryptocurrency, USDC is a fantastic choice. But why, you may be wondering, should you not pay your team in fiat?
Why should you not pay your team in fiat?
Paying your team in cryptocurrency is often a superior yet underutilized solution. If you have an internationally distributed team, with employees living in New York, Buenos Aires and Berlin for example, paying salaries in fiat currency is expensive and time-intensive.
Normally it involves requesting invoices, calculating exchange rates, finding payment processors, paying fees and waiting days or even weeks for the payments to go through. Then you have the huge accounting headache to deal with as different team members have different VAT requirements and reporting duties. If your team is spread all over the world, monthly payroll quickly turns into a nightmare.
Some companies effectively force their employees to carry the burden for them, paying salaries in USD using services like Transferwise. This leaves the employees to deal with exchanging the funds, performing KYC, paying the fees and withdrawing the funds to their bank accounts. This can easily take 3 additional working days, $50 in fees and a sour taste in the mouth. Not ideal for your company’s culture and employee retention.
What’s interesting, is that this approach doesn’t work for anyone - neither the business nor the employees. Most businesses in the crypto space would vastly prefer to pay their employees in the currency of their business. If the business raised funds through an ICO, most of it will be in BTC or ETH. Holding fiat currency brings regulatory scrutiny which can unnecessarily burden growing startups with expensive legal fees.
Alternatively the organization might have a native utility token in which all revenue is generated and would therefore be far more convenient as there is easy access to funds. This token can easily be exchanged to a stable coin like USDT or USDC and used to pay salaries. Crypto-to-crypto is far easier than crypto-to-fiat exchange.
It seems clear that companies and individuals working in the crypto space could benefit from salaries paid in cryptocurrencies like USDC.
Why you should pay your team in USDC
Cryptocurrency is the native token of the internet. It can be sent and received as quickly as an email. No government can intercept it and individuals truly own it. By paying your teams salaries in USDC you give them the freedom to easily exchange and withdraw into a bank account of their choosing.
USDC is a stable coin meaning the price is pegged to $1. This removes the risk of price volatility while preserving the advantages of speed and cost-efficiency. USDC is also available on the world’s most reputable exchange, meaning you have easy access as well as world-class customer support in case you have questions.
Whereas it takes several days for fiat payments to reach your employees, USDC arrives almost instantly. And of course, Coinbase offers many different trading pairs including major fiat currencies. All in all, USDC is an excellent digital asset to use for your payroll.
Here’s how to easily pay salaries in USDC using Remroll
Now that we know why paying employees in USDC makes sense, it’s time to discuss how easily you can get started.
With Remroll, you can pay your entire team in just a few minutes. Here’s the world’s fastest way of paying your team in USDC:
Import a CSV of your employee emails in the Payees tab
All your employees will now be invited to register as Payees
Once registered they can easily submit an invoice
Review the invoices yourself or invite another team member to review them
Bulk approve and pay the invoices using MetaMask
Estimated time: 10 minutes.
Let’s take a more detailed look at how you can pay your employees in USDC using Remroll.
Step 1 - Adding a Payee
The first step is to add your Payees.
Your Payees are your employees, contractors, freelancers or partners. If your running a bounty program, a Payee would be a bounty hunter.
You can either enter the information yourself...
or simply invite your Payees to enter the information for you:
Your Payees will receive an email like this...
which allows them to easily enter their information in Remroll. If you want to invite a large number of employees quickly, you can simply upload a CSV file with their email addresses.
Once you’ve added your Payees, they will be displayed in the appropriate tab.
Step 2 - Creating USDC invoices
Now that you’ve successfully added your Payees the next step is to have your team members submit invoices. Invoices are the documentation which record transactions between you and your Payees in Remroll.
This step is really simple. All you have to do is share the following link with your employees and ask them to submit an invoice.
Once logged in your employees can create and submit their invoices.
Of course you can manually create invoices as well by clicking on the green “Add invoice” button.
Now that you or your employees have created their invoices, they will appear in the appropriate tab in your Remroll dashboard.
Step 3 - Paying your employees
Paying your employees couldn’t be easier.
Navigate to your “Invoices” tab, select all employees you’d like to pay and then click on “Pay selected”. You’ll then see a payment summary like this:
Now simply connect MetaMask and confirm the payment. Congratulations, you successfully paid your entire team in USDC in just a few minutes using Remroll. 😍
Do you have feedback or want to share a product idea? Make sure to get in touch.
Thanks for reading.