Cryptocurrency Bank Xapo Adds Support for USDC Deposits

Cryptocurrency custodial service and licensed bank Xapo announced a partnership with Circle to introduce support for the USDC stablecoin and payments in it.

According to representatives of Xapo, with the help of USDC, the companies are going to create a payment infrastructure similar to the SWIFT interbank transfer system. This will significantly reduce the cost and speed up payments. At the same time, USDC itself will not be stored on Xapo wallets – deposits will be automatically converted into US dollars. At the same time, users will receive interest income in the amount of 4.1% per annum.

“We are pleased to announce that Xapo has become the first bank in the world to fully integrate USDC. Our customers can send and receive stablecoins from their USD accounts without any additional fees,” Xapo Private Bank’s Twitter account says.

Also in their statement, representatives of the bank noted that Xapo’s business model is different from traditional banks. The crypto-currency bank does not provide credit services, and keeps all customer funds. To pay interest, the bank “invests funds in a short-term highly liquid assets.”

In early March, Xapo Private Bank announced support for Bitcoin payments through the Lightning Network solution.

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