Why are Stablecoins like USDC important?
Stablecoins are essential because they help to minimize cryptocurrency volatility. USDC is a fully-reserved stablecoin that is backed by cash (USD).
Stablecoins became an important class of digital asset with price stability, which can help counter the value fluctuations in other types of cryptocurrencies.
How FV Bank is Integrating USDC
We’re announcing a strategic integration with Circle that will enable FV Bank account holders to receive USDC directly into their bank account and instantly convert the funds into USD at the moment of deposit. Unlike other financial institutions, we’re making this service available to institutional and retail clients.
Our integration is easy to use and will allow FV Bank account holders to accept payments in USDC from their clients directly in their FV Bank account. Once those USDC funds are deposited into the user’s FV Bank account, it will be automatically converted into USD right at the moment of deposit. Clients don’t have to worry about wallets, conversions and fees. And perhaps the best part of all this is that FV Bank account holders aren’t limited to one blockchain; they can receive USDC on Ethereum (ERC-20) and the MATIC blockchain.
“FV Bank customers will now be able to receive USDC directly into their bank account and have the funds instantly converted into USD at the moment of receipt. This service will greatly reduce the friction of domestic and, especially, international settlements as the money transfer process becomes dramatically faster than the traditional banking sector. Not only will money transfers be much quicker than traditional methods such as bank wires and drafts, but this service will also be a cost-effective alternative and reduce the number of touch points per transaction, making receiving and sending funds more straightforward. This allows FV Bank Account holders to raise invoices to their international clients in USDC and receive them without worrying about wallets, conversions, fees etc.”
Learn more about our integration with Circle in our press release.
Circle’s USDC is a private digital currency millions of people use worldwide.
“FV Bank is pleased to work with Circle, a stablecoin issuer with an excellent track record and whose values align with ours”,
FV Bank CEO Miles Paschini.
Disclaimer — This blog was originally published here: https://blog.fvbank.us/usdc-deposits-are-now-enabled-on-fv-bank/