Crypto.com enabled USDC withdrawals for users across the world thanks to the new partnership with USDC issuer Circle as we can see in our latest USD Coin news.
The support for withdrawals came after Crypto.com launched support fr the SUDC deposits and the digital asset exchange platform Crypto.com enabled withdrawals of USD Coin meaning that the users can withdraw the stablecoin and receive USD at a one-to-one ratio directly to the bank account. The announcement came a month after the platform launched support for USDC deposits following the new partnership with the issuer Circle. The new partnership enables users to transfer fiat currency into their trading accounts to receive an equivalent amount of USDC.
USDC was released by Goldman Sachs-backed Circle back in 2018 which is a popular USD-pegged stablecoin where that crypto investors can use to trade against major cryptocurrencies such as BTC and ETH. On Crypto.com the stablecoin is supported in over 50 different tradign pairs with more digital assets. Over the past few years, the fiat currency-pegged stablecoins became an increasingly popular means of establishing simple fiat-to-crypto payment gateways on crypto exchanges.
The numerous USD-pegged assets on the market like BUSD, USDC, and PAX were anticipated by veteran and still most liquid, Tether the stablecoin too. Past controversies around Tether like lack of transparency accounting for the US dollar reserves prompted the issuers of the later stablecoins to vie and prove the credentials with regulators as scrutiny of the stablecoin sector mainly in the US as it continues to intensify. USDC is still the second-biggest stablecoin after USDT which was audited by the multi-national tax advisory and consultancy company Grant Thornton. USDC’s issuer also announced more plans to go public on the New York Stock Exchange after a merger with the special purpose acquisition company.
As recently reported, Malta issued its first EMI license to a crypto-related business and now Crypto.com got approved to offer payment cards and bank transfer services to the residents on the island. Payments platform crypto.com is now the first crypto firm to acquire Malta’s Electronic Money Institution license allowing it to issue payment cards and offer customers direct bank transfers. The license is in addition to the Virtual Financial Assets (VFA) license Malta Financial Services Authority back in May. Kris Marszalek is the CEO and co-founder.
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