Xapo cryptobank will begin to support deposits in USDC – Bits Media

Cryptocurrency Castodial Service and the Licensed Bank of XAPO announced partnership with Circle to introduce support for USDC stablecoin and payments in it.

According to the representatives of the XAPO, Using USDC, companies are going to create payment infrastructure, similar to the SWIFT interbank translation system. This will significantly reduce the reduction and accelerate payments. At the same time, the USDC itself will not be stored on XAPO wallets - with deposits an automatic transfer to US dollars will be carried out. In this case, users will receive interest income in the amount 4,1% annual.

“We are glad to announce, that XAPO has become the first bank in the world with the full integration of USDC. Our customers can send and accept stablecoins from their dollar accounts without any additional commissions ", - It is noted in the XAPO Private Bank account on Twitter.

Also, in their statement, representatives of the bank noted, that the XAPO business model is different from traditional banks. The cryptocurrency bank does not provide credit services, And it stores all customer funds at home. To pay interest, the bank “briefly invests funds in highly liquid assets”.

In early March, Xapo Private Bank announced support for payments in bitcoins through the decision of Lightning Network.