Leading cryptocurrency wallet and platform, Crypto.com, has announced a partnership with Circle to enable U.S. Dollar transactions across the globe.
The announcement added that the two firms have now introduced USD deposits and withdrawals to more than 30 countries around the world.
Crypto.com, which recently detailed its first major upgrade, stated that users can now transfer USD from their bank accounts. They will receive USD Coin (USDC) at a 1:1 ratio in the app and the exchange.
It went on to explain that to make a deposit, users simply need to wire transfer their USD funds with a unique code provided by Circle.
The finance firm will handle the processing, storage, and USD-to-USDC conversion process. However, the process is not instant as users will have to wait as long as three business days to receive their funds in their Crypto wallet.
Seamless Dollar Transactions
The partnership enables users around the world to seamlessly transfer funds from the traditional financial world to the crypto world.
The move comes at the same time as financial authorities in the U.K. clamp down on the world’s largest exchange, Binance. As regulatory pressure mounts, Binance has removed the convenient Faster Payments options for users transferring GBP. Americans will need to use their dedicated Binance U.S. platform which as yet remains relatively unrestricted.
Lauding the collaboration, co-founder, CEO, and Chairman of Circle, Jeremy Allaire, said:
“This partnership will fuel crypto adoption globally and is another example of how innovators continue to break down barriers between traditional finance and the future of payments. We are thrilled to partner with Crypto.com, which has an impressive track record of success and a large, diverse, and dedicated global user base.”
Kris Marszalek, co-founder and CEO of Crypto.com, stated that historically, transferring fiat into and out of crypto platforms has been an arduous process. The partnership will help to alleviate these hurdles put up by banks and governments for users of the platform.
USDC Supply Hits All-Time High
Circle’s stablecoin has seen unprecedented demand this year as DeFi activity skyrocketed. According to the platform, there is currently a record 25 billion USDC in circulation. It also reported that there has been a total cumulative amount of $757 billion transferred on-chain to date.
Since the beginning of 2021, USDC circulation has surged by more than 1,800% from 1.3 billion to current levels. Comparatively, the Tether supply has increased just 200% from 21 billion on January 1 to 63 billion today.
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