FV Bank, a global digital bank, has partnered with Circle to enable instant and automatic USD Coin (USDC) conversion into USD upon deposit.
Per the announcement:
“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.”
Circle is a global financial technology and the USDC issuer. Therefore, the strategic integration seeks to minimize the friction experienced during settlements, making money transfers faster.
As a result, FV Bank users will be able to present invoices in USDC to international clients.
Miles Paschini, FV Bank CEO, stated:
“It was imperative for us to work with a stablecoin issuer who has an excellent track record and whose values align with our own.”
He added:
“We look forward to growing our working relationship with Circle, as we collaboratively help bridge the traditional financial system with the world’s leading blockchains to unlock further growth in the digital asset sector.”
Circle’s treasury services and transactions are emerging as a stepping stone toward a frictionless value exchange, prompting a new generation of commerce applications and financial services.
Arcane Research had predicted that the USDC would dethrone Tether (USDT) at the top stablecoin seat in October. The market insight provider noted:
“At the end of Q2, the total stablecoin supply sat at $151.3 billion, down $35.1 billion, or 18.8%, over the last quarter, the largest quarterly drawdown in the history of stablecoins. It is predicted that the market value of USDC will surpass USDT in October.”
USDT is one of the leading stablecoins with a market capitalization of $67.98 billion at the time of writing, and USDC comes second with a value of $49.95 billion,according to CoinMarketCap.
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Source: https://blockchain.news/news/fv-bank-partners-with-circle-for-instant-usdc-deposits-and-conversion