Digital bank FV Bank integrates USDC stablecoin for direct deposits
Apart from USDC support, FV Bank also plans to launch a custody service in Q4 2022, targeting major coins like Bitcoin and Ethereum. The global digital bank FV Bank is the latest financial platform to enable deposits in Circle-backed stablecoin USD Coin (USDC).FV Bank on Wednesday announced the launch of a new service allowing its account holders to make direct deposits in USDC to the bank’s U.S. dollar accounts. The new feature enables customers to receive USDC on their accounts similar to traditional deposits like wire or the automated clearing house network.According to the....
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Support for withdrawals comes shortly after Crypto.com launched support for USDC deposits, thanks to a new partnership with USDC issuer Circle. The digital asset exchange platform Crypto.com has now enabled withdrawals of USD Coin (USDC), meaning that users can withdraw the stablecoin and receive U.S. dollars at a one-to-one ratio directly to their bank account.The announcement comes just over a month after the platform launched support for USDC deposits, following a new partnership with the stablecoin’s issuer, Circle. The partnership enabled Crypto.com users to transfer fiat currency....
Crypto.com and Circle's partnership enabled U.S. dollar deposits and receiving USDC for users in more than 30 countries. Digital asset exchange platform Crypto.com opened a new U.S. dollar fiat on-ramp thanks to a new partnership with global payment provider Circle, according to a June 28 announcement.The partnership between Crypto.com and Circle enables users in over 30 countries to deposit dollars from their bank account and receive USD Coin (USDC), a popular dollar-pegged stablecoin at a 1:1 ratio. Crypto.com’s trading platform has over 50 pairs with USDC, which means that they will be....
This is another clear example of why users should not keep their funds in a bank account. Holding cash is becoming a less favourable option for many customers around the world. Charging fees on cash deposits is becoming the new norm in Germany, and more of them will follow in the coming months. So far, two more banks have taken this route, including the Bank of Ireland and Ulster Bank It looks like the negative interest rates will be passed on to customers who make cash deposits. It was only a matter of time until the negative interest rates would be passed on to the customers. Not only....
The United States government appears keen to tame the rapidly growing stablecoin market, according to reports. The Biden administration is reportedly considering a new legal framework for stablecoin issuers that would put them in the same category as banks, raising questions about the future of crypto regulation in the country.Citing people familiar with the matter, The Wall Street Journal reported Friday that the administration is looking to convince Congress to create a new “special-purpose charter” for stablecoin issuers and other companies that fall within the same category. Although....
Stablecoin runs could occur if users lose confidence in the issuer or its network. The European Central Bank has warned the global community about the risks of so-called “stablecoin runs.”Analogous to the term “bank runs” in the traditional financial system, stablecoin runs could occur if end users lose confidence in the issuer or its network, the ECB writes in a report released Tuesday. In traditional finance, a bank run occurs when a large number of customers withdraw their deposits simultaneously over concerns of the bank’s solvency. As more people withdraw their funds, the probability....