Crypto.com Taps Circle for USDC Wire Transfers
Key Takeaways
- Crypto.com users will be able to directly send and receive USDC in their crypto wallets using wire transfers.
- USDC-based wire transfers are expected to reduce the friction that is usually associated with global wire transfers.
- Crypto.com users will be required to attach a unique code used for processing and conversion of dollars to USDC.
Crypto.com has collaborated with Circle so its users can make wire transfers in more than 30 countries using the USDC stablecoin.
Crypto.com Users To Wire USDC
Crypto.com has partnered with Circle to offer customers USDC wire transfers.
Under the partnership, Crypto.com users will be able to send and receive USDC using their traditional bank accounts across more than 30 countries.
The wire transfers will reflect 1:1 on Crypto.com, a crypto wallet app and exchange that serves over 10 million users worldwide.
USDC is the second-largest stablecoin after USDT, with a market cap of roughly $26 billion. The stablecoin is issued by Centre, whose founding members are Circle and Coinbase.
The stablecoin has been issued on a variety of blockchain networks, including Ethereum, Stellar, and Solana. It can also be integrated with traditional banking services.
According to Crypto.com, USDC-based transfers will reduce the friction that is usually experienced in global wire transfers, such as in finalizing transactions.
With the partnership, Crypto.com users will be able send and receive USDC in their wallet within three days, thus slightly improving the bridge between traditional banking and cryptocurrency payments.
Speaking of the partnership, Kris Marszalek, co-founder and CEO of Crypto.com, said:
“Historically, transferring fiat into and out of crypto platforms has been an arduous process. Our partnership with Circle is yet another example of our commitment to working with the best partners in the industry to provide safe, reliable, and easy money transfer solutions to our customers around the world.”
A the time of making a wire transfer, Crypto.com users will be required to attach a unique code used for processing and conversion of U.S. dollars to USDC.
In addition to Crypto.com, Circle has previously previously partnered with the crypto exchange FTX to enable bank transfers within the U.S. using USDC. Meanwhile, in March 2021, payments giant Visa confirmed it would use the stablecoin for cross-border payments settled on the Ethereum blockchain.
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