Cryprocurrency exchange, Crypto.com, has announced that its users can now withdraw USDC coins from their accounts on the exchange.
It is further indicated that users are able to receive fiat USD in their bank accounts when they withdraw USDC from Crypto.com.
USDC is a stablecoin pegged 1:1 to the dollar, and currently has the most coins in circulation after Tether’s USDT.
This announcement follows a partnership between Crypto.com and Circle, the organization behind the USDC stablecoin. In the partnership, Crypto.com will leverage Circle APIs to on-ramp fiat funds, giving their more than 10 million customers access to funds settled in USD Coin (USDC).
The partnership also makes it possible for Crypto.com users to use USDC for Decentralized Finance (DeFi) investments and to power collecting and trading non-fungible tokens (NFTs).
Speaking about this collaboration, Kris Marszalek, CEO, Crypto.com, said:
“Historically, transferring fiat into and out of crypto platforms has been an arduous process. Our partnership with Circle is yet another example of our commitment to working with the best partners in the industry to provide safe, reliable, and easy money transfer solutions to our customers around the world.”
– Kris Marszalek, CEO – Crypto.com
Circle also recently partnered with Asian neobank, Matrixport, who will use their APIs for a similar solution. This is in addition to ongoing partnerships with VISA and Mastercard whereby the USDC will be used to settle transactions involving crypto.
In an attempt to boost the credibility of the USDC, the firm recently released the report of an independent audit into the amount of reserves they had secured to back the amount of USDC in circulation. The report, by a multinational audit, tax, and advisory services firm, Grant Thornton, revealed the over 22 billon USDC coins in circulation are tethered to one U.S dollar each.
Circle CEO, Jeremy Allaire, was also part of a meeting on regulations convened by U.S government authorities. From the meeting, Jeremy said the world is coming to terms with the fact that stablecoins are here to stay and likely to become global and scale systemic parts of the economic and financial system.
Circle also recently announced that it was listing on the NYSE through a SPAC (special purpose acquisition vehicle) which has valued the firm at $4.5 billion.
On its part, Crypto.com has, in recent months, closed multi-million sports sponsorship deals with organizations such as the UFC (Ultimate Fighter Championship) and Formula One.
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