Crypto.com Enables USDC Withdrawals For Users Worldwide

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The digital asset exchange platform Crypto.com has now enabled USD Coin (USDC) withdrawals, meaning that users can withdraw stablecoin and receive US dollars in a one-to-one ratio directly. on their bank account.

The announcement comes just over a month after the platform launched support for USDC deposits, following a new partnership with stablecoin issuer, Circle. The partnership allowed Crypto.com users to transfer fiat currency into their trading accounts to receive an equivalent amount in USDC.

USDC, first published by Goldman Sachs-backed Circle in September 2018, is a popular USD-linked stablecoin that crypto investors can use to trade against major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). On Crypto.com, stablecoin is currently supported in over 50 different trading pairs with other digital assets.

Over the past two years, fiat-linked stablecoins have become an increasingly popular way to establish transparent fiat-to-crypto payment gateways on cryptocurrency exchanges.

The many USD indexed assets in the market among them, USDC, Binance USD (BUSD) and Paxos Standard (PAX) were anticipated by the veteran, and still the most liquid, stablecoin, Tether (USDT). Past controversies over the lack of accounting transparency of its US dollar reserves have prompted subsequent stablecoin issuers to compete to prove their credentials to regulators as the steadfast industry scrutinizes the stablecoins industry, particularly in the United States. , continues to intensify.

Related: Crypto.com Uses Circle For Global Dollar Deposits

To that end, USDC is currently the second largest stablecoin after USDT was recently audited by multinational tax consultancy and consultancy Grant Thornton. USDC issuer Circle also announced plans to go public on the New York Stock Exchange this summer, following a merger with a Special Purpose Acquisition Company (SPAC).

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