FV Bank Will Enable Instant Deposits and Conversion of USD Coin (USDC) for Customers
SAN JUAN, Puerto Rico — FV Bank, the U.S. licensed global digital bank that offers a vertically-integrated suite of traditional and digital asset banking and custody services to fintech and blockchain firms, has today announced the launch of a new service for FV Bank account holders: the ability to instantly and automatically convert Circle’s USD Coin (USDC) into USD at the moment of deposit.
Circle Internet Financial Ltd. is a global financial technology firm and issuer of USD Coin (USDC) and Euro Coin (EUROC). USDC is one of the fastest-growing stablecoins in the market, is regulated and fully-reserved, and has supported more than USD $5 trillion in on-chain transactions to date. It represents one of the market’s most robust and secure stablecoins.
FV Bank customers will now be able to receive USDC directly into their bank account, and have the funds instantly converted into USD at the moment of receipt. This service will greatly reduce the friction of domestic, and especially, international settlements as the money transfer process becomes dramatically faster than the traditional banking sector. Not only will money transfers be much quicker than traditional methods such as bank wires and drafts, this service will also be a cost effective alternative and reduce the number of touch points per transaction, making receiving and sending funds significantly more straightforward. This allows FV Bank Account holders to raise invoices to their international clients in USDC and receive it without worrying about wallets, conversions, fees etc.
“We couldn’t be more pleased to work with Circle and bring almost instantaneous deposits and conversion of USDC to our account holders,” said FV Bank CEO, Miles Paschini. “It was imperative for us to work with a stablecoin issuer who has an excellent track record and whose values align with our own. We look forward to growing our working relationship with Circle, as we collaboratively help bridge the traditional financial system with the world’s leading blockchains to unlock further growth in the digital asset sector.”
Circle’s transaction and treasury services are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity through the frictionless exchange of financial value.