You can’t stop progress! – The USDC is one of the stable corners with the best progress in 2020. A progression that could well accelerate via Circle’s new product, which aims to link the stablecoin to the classic banking world.
From the USDC to the bank in one click
The USDC is a stablecoin resulting from a partnership between Coinbase and Circle. It is based on a dollar reserve and is exchangeable at a rate of 1:1.
Launched in October 2018, the USDC has become an essential part of the crypto ecosystem in just a few years. In 2020, the number of USDCs in circulation increased by 700%, positioning it as the second stable corner behind Tether’s USDT.
On Tuesday 26 January, Circle announced the deployment of a new product linked to its stablecoin via a press release.
1/4 Today we rolled out new Circle APIs for ACH Payments and Payouts, enabling companies and developers with another way to seamlessly integrate bank transfers with USDC and public chain treasury operations. https://t.co/AVJXFw6EAg
Circle announces that it has integrated the ACH (Automated Clearing House) payment method into its API. As a reminder, an API is a suite of tools that allows you to easily integrate the services offered by a third party company.
In fact, ACH makes it possible to transfer funds between banking institutions. Integrated into Circle, this method will make it easier to accept and convert bank transfers to and from the USDC.
« ACH support allows customers to make bank transfers to and from the USDC without any problems. »
FTX as first customer
The announcement continues by unveiling the first beneficiary of this service, the FTX trading platform.
« Circle’s API gives us a fast, reliable and secure infrastructure to connect bank transfers to our new products. Settlement in USDC through Ethereum and Solana gives FTX the ability to offer the fastest experience for crypto investors. »,
Other partners are expected to be announced in the coming months. In any case, this type of product will eventually improve the democratization of cryptomoney by improving its accessibility.