The most recent financial outlet to permit deposits in Circle-backed stablecoin USD Coin (USDC) is the international digital bank FV Bank. A new service enabling account holders of the bank to make direct transfers in USDC to the bank’s U.S. dollar accounts became live on Wednesday, the company reported. Customers may now utilize the new capability to receive USDC on their accounts just the way they receive traditional deposits through wire or an automated clearing house network. Conversion of USDC Funds in USD The release states that while the deposit is acquired, USDC funds are promptly and automatically converted into U.S. dollars (USD). According to the company, this new solution enables bank customers to send USDC invoices to their external clients, facilitating faster and less expensive transactions and conversions. FV Bank CEO Miles Paschini said in an interview that, “We believe this feature will greatly enhance the user experience and open up more frictionless commerce.” Paschini noted that the bank might consider other stablecoins in the future, but at present, USDC will be the only stablecoin approved for deposit into USD. The CEO stated that the bank selected USDC because of its licensing, reserve attestations, and real-time 1:1 liquidity. Besides integrating USDC, the Bank intends to introduce its custody service in Q4 2022. This will enable clients to keep digital assets in a custodial account in addition to thei...
