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Gungun Bhatia
Sep 21, 2022
by Gungun Bhatia

FV Bank Incorporates USDC Stablecoin for Direct Deposits

FV Bank

Table of contents

  1. Conversion of USDC Funds in USD
  2. FV Bank - A Digital Bank
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 their depositary account. According to Paschini, significant cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and other tokens would be supported under FV Bank's custody depending upon the supported assets criteria.

FV Bank - A Digital Bank

FV Bank is a digital bank that accepts cryptocurrencies that are regulated by Puerto Rico's Office of the Commissioner of Financial Institutions. According to the company's initial strategy, bitcoin custody services will be introduced, following in the footsteps of significant U.S. banks like Standard Chartered.

The recent integration of USDC by financial institutions is not limited to FV Bank. The listing of USDC was revealed on Tuesday by stock trading software Robinhood.

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FV Bank
FV Bank Incorporates USDC Stablecoin for Direct Deposits
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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