“By adding outrails to its existing USDC onramps, Xapo Bank is enabling members to bypass costly and time consuming SWIFT payments and instead deposit and withdraw via the stablecoin with no fees charged by Xapo Bank,” the bank said in a statement.
Although USDC currently trades at $1, the stablecoin recently lost its dollar peg following the collapses of some of its major banking providers, including Signature, Silvergate and Silicon Valley Bank, the latter of which held $3.3 billion of Circle’s USDC reserves.
Source: https://www.theblock.co/post/222123/circle-sidesteps-swift-after-bank-collapses-turns-to-gibraltars-xapo-bank?utm_source=rss&utm_medium=rss