- Crypto.com enables withdrawals of USD Coins.
- Users can withdraw the stablecoin and get USD directly to their bank account.
Crypto.com, the crypto exchange platform that enables withdrawals of USD Coins. This indicates that it is possible for users to withdraw the stablecoin and get USD directly to their bank account at a one-to-one ratio.
Moreover, this announcement came just one month after the launch of USDC deposit support on the platform. Also, it follows a new partnership with Circle, the stablecoin issuer. Even more, the partnership enhances the exchange’s user to transfer their fiat currency into their trading accounts to receive an equivalent amount of USDC.
In September 2018, USDC was first released by the Goldman Sachs-backed Circle. USDC is a famous USD-pegged stablecoin that digital asset investors can trade against major cryptos such as Bitcoin (BTC) and Ether (ETH). However, the crypto exchange Crypto.com supports over 50 different trading pairs.
Over the past two years, fiat currency-pegged stablecoins has become a popular means of providing seamless fiat-to-crypto payment gateways on digital asset exchanges. Many USD-pegged assets on the market include, USDC, Binance USD (BUSD) and Paxos Standard (PAX).
Furthermore, past controversies surrounding the latter’s lack of transparent accounting for USD reserves has prompted the issuers of later stablecoins. In order to prove their credentials with regulators. This scrutiny of the stablecoin sector partially in the US, which continues to intensify.
Notably, USDC is the second-huge stablecoin after USDT. Added to this, Circle announced its idea to go public on the New York Stock Exchange. This proceeds from a merger with a special purpose acquisition company (SPAC).