- Businesses will now be able to send USDC to any U.S. bank account without using centralized exchanges.
- Transfer fees are 0.3%.
- Service is not available in 6 countries.
Utopia Labs introduces USDC wire transfers for businesses. The new feature allows organizations from around the world to send stablecoins to any bank account in the United States.
The main goal of the move is to narrow the gap between fiat currencies and cryptoassets and make transactions faster and more convenient, TheBlock reported.
Businesses that use cryptocurrencies will be able to use USDC for payments if the service provider’s firm has a bank account in the U.S.
To use the service, companies must submit an application in which they provide their business (KYB) and customer (KYC) data. It can be approved in less than two business days.
When approved, businesses will be able to transfer USDC at a guaranteed 1:1 exchange rate to the U.S. dollar, the fee will be just 0.3 percent. Transactions are executed on the Ethereum blockchain and arrive in less than three business days.
As of this writing, the feature is available to companies from most countries in the world, except countries such as Cuba, North Korea, Iran, Syria, Belarus and Russia will not be able to take advantage of it.
In June, Circle announced plans to launch the USDC stablecoin on the Arbitrum network.