Circle announces ACH payment integration that will allow customers to transfer between the US dollar and the USDC stablecoin as we can see more in today’s crypto news.
The fintech company that supports USDC, Circle announced ACH payment integration to easily convert between USD and USDC. Crypto exchange FTX will be the one for the first customers to use the new ACH system and right after the supply of USDC increased 700% this year with no signs of slowing down. Circle announced today the new addition of the Automated Clearing House payments for the USDC dollar-pegged stablecoin to the Circle API which is a set of developer tools used to integrate the products and protocols with the USDC stablecoin. The US customers use ACH payments to transfer funds between the regulated banking institutions, draw from their bank accounts, and pay bills.
ACH now live at Circle — full support across both Payments and Payouts! Read more: https://t.co/jFBC9VkiLj
— Circle (@circlepay) January 26, 2021
The new option will coexist with the other ways to send funds to Circle as card payments and wire transfers that will allow businesses to easily accept and to cover bank transfers right into USDC and vice versa:
“2/4 Our implementation makes it super straightforward to take a bank transfer and convert it instantly into USDC for payment, trading, DeFi, or commerce applications. Payouts work the opposite direction — convert USDC into a bank payout.
— Jeremy Allaire (@jerallaire) January 26, 2021”
Fintech company Circle, as well as Coinbase, are partners in supporting and managing USDC as the cryptocurrency pegged 1:1 to the US dollar compared to the price volatility of other assets like ETH and BTC, stablecoins are designed to start offering crypto traders as a safe-harbor holding asset to cash. The announcement shows that circle wants USDC to be a viable option for USD denominated payments in general. FTX integrated the new ACH service to facilitate the launch of the new crypto products and Circle also partnered with Plaid to enable sign-ins using bank credentials instead of routing numbers and onboarding new customers. Sam Bankman Fried commented:
“Circle APIs give us a fast, reliable and trusted infrastructure for connecting customer bank transfers to our new retail products. And with seamless settlement into USDC across Ethereum and Solana, this gives FTX the ability to offer the fastest possible experience for crypto investors.”
DeFi was a catalyst for stablecoin demand over the past two years as they are useful for denominating loans backed by crypto deposits after a price spike.
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