LONDON (Bywire News) - FV Bank has announced a new service, which will offer instant conversion of Circle’s USD Coin to USD on demand. The bank which combines traditional banking with a growing array of digital assets will enable its account holders to make instant conversions at the moment of deposits.
Circle Internet Financial is a global tech firm, which issues its own stablecoins based on USD and the EURO. USDC is one of the fastest-growing stable coins out there. It’s regulated, fully reserved and boasts more than $5trillion on-chain transactions to date. In a world in which the reliability of stablecoins has been called into question, it represents one of the most robust and secure stablecoins out there.
“We couldn’t be more pleased to work with Circle and bring almost instantaneous deposits and conversions of USDC to our account holders” said Miles Paschini, CEO of FV Bank. “It was imperative for us to work with a stablecoin issuer who has an excellent track record and whose values align with our own.”
With this new deal, the bank’s customers can receive USDC directly into their account and have them convert instantly into US dollars. This will reduce the friction of international settlements and will lead to much faster money transfers than traditional methods such as bank wires and drafts. With this in place, FV Bank Account holders can raise invoices to international clients using the stablecoin without worrying about wallets, conversions or associated fees.
The deal is another step in Circle’s move toward a new generation of fast and frictionless financial services which provide faster and cheaper transactions with fewer touchpoints.
(Writing by Tom Cropper, editing by Klaudia Fior)