YOU MAY ALSO LIKE



The digital asset change platform Crypto.com has now enabled withdrawals of USD Coin (USDC), that means that customers can withdraw the stablecoin and obtain United States {dollars} at a one-to-one ratio on to their checking account.

The announcement comes simply over a month after the platform launched help for USDC deposits, following a new partnership with the stablecoin’s issuer, Circle. The partnership enabled Crypto.com customers to switch fiat forex into their buying and selling accounts to obtain an equal quantity of USDC.

USDC, first launched by Goldman Sachs-backed Circle in September 2018, is a well-liked USD-pegged stablecoin that crypto buyers can use to commerce in opposition to main cryptocurrencies similar to Bitcoin (BTC) and Ether (ETH). On Crypto.com, the stablecoin is presently supported in over 50 completely different buying and selling pairs with different digital belongings.

Over the previous couple of years, fiat currency-pegged stablecoins have turn into an more and more well-liked means of creating seamless fiat-to-crypto payment gateways on cryptocurrency exchanges. 

The quite a few USD-pegged belongings available on the market — amongst them, USDC, Binance USD (BUSD) and Paxos Normal (PAX) — have been anticipated by the veteran, and still most liquid, stablecoin, Tether (USDT). Past controversies surrounding the latter’s lack of transparent accounting for its U.S. dollar reserves have prompted the issuers of later stablecoins to vie to prove their credentials with regulators as scrutiny of the stablecoin sector, notably within the U.S., continues to accentuate. 

Associated: Crypto.com taps Circle for global dollar deposits

To this finish, USDC — presently the second-largest stablecoin after USDT — has recently been audited by the multi-national tax advisory and consultancy agency Grant Thornton. USDC’s issuer, Circle, has additionally this summer time introduced its plans to go public on the New York Stock Exchange, following a merger with a particular goal acquisition firm (SPAC).