Circle Enables Transfers Between USD & USDC
- Circle has added ACH payments for the USDC stablecoin to the Circle API.
- This will enable U.S. customers to transfer funds between USDC and USD.
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Blockchain company Circle has announced the addition of Automated Clearing House (ACH) payments for USDC dollar-pegged stablecoin to the Circle API.
According to the company’s press release, the new addition will enable customers in the U.S. to electronically transfer funds between regulated banking institutions, pay bills, and withdraw balances from their bank accounts. Circle explained that using ACH payments represents a “happy medium” between using card payments and wire transfers.
Cryptocurrency exchange FTX has integrated the new ACH service to its platform to support the launch of new retail crypto brokerage products. Sam Bankman-Fried, the founder and CEO of FTX, said Circle’s APIs give the exchange the ability to offer the fastest possible settlement experience to its customers.
Circle has also partnered with Plaid, a company that specializes in online account security and verification. Plaid’s account verification process is set to prevent common errors like mistyping bank accounts and routing numbers while reducing fraud reversal risks.
All ACH payments will be automatically settled as USDC in users’ Circle accounts, while payouts will enable automatic conversion from USDC into ACH.
- The digital ID project said Orb Operators received USDC payments as part of the project’s transitional phase after launch, and now that it is nearing its end Worldcoin will be switching to WLD payments.
- Worldcoin warned Orb Operators to check if they can claim rewards in their region as WLD are not available in the United States and “certain other restricted territories”.
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- SVB Financial Group has filed for a Chapter 11 court-supervised reorganization in the U.S. in order to “preserve value”.
- The company stressed it is no longer affiliated with Silicon Valley Bank, the closure of which sent ripples across the crypto industry.
- Despite the events of last week, Circle has been able to clear almost all USDC backlog, and redeemed $3.8 billions USDC between March 13 and March 15.
- The stablecoin issuer also went live with a new transaction banking partner for both domestic and international wires, and expects to bring more capabilities back soon.