According to Bitwage’s letter, U.S. residents should choose to convert their payrolls in other ways, such as bitcoin, CUSD (Celo), Tether (USDT) and DAI, or other crypto-assets available on the platform. The restrictive measures do not apply to non-U.S. residents.<br
The Bitwage team has warned users that they must withdraw USD Coin Stablecoin (USDC) from their accounts no later than July 13. Otherwise, balances will be converted to the original fiat currency and the amount will be returned to users’ bank accounts.
Users who violate Bitwage’s requirements will have their original account settings unilaterally blocked. And to continue the service, you’ll need to reconfigure your wallets and bank accounts before you can transfer your next paycheck.
Earlier, analysts at investment bank Berengerg shared a speculation that the U.S. Securities and Exchange Commission (SEC) may choose USDC staplecoins as its next target for prosecution.