Companies Keep Investing in This Stablecoin!

In an effort to make international transfers easier and cheaper for its customers, Puerto Rico-based FV Bank has partnered with stablecoin distributor Circle to allow customers to receive USD Coin (USDC) into their accounts.

FV Bank and Circle Announce Collaboration for Stablecoin (USDC) Investments Circle will instantly convert USDC received by bank customers into US dollars at the time of deposit, FV Bank said in a blog post. The digital bank, which operates on an international scale, said these stablecoin deposits will facilitate transactions abroad. According to the statement, this will allow FV Bank account holders to invoice their international clients in USDC. They will be able to receive these invoices without worrying about wallets, currency conversions and billing fees. FV Bank is regulated by Puerto Rico's Office of the Superintendent of Financial Institutions (OCIF) and offers digital banking and digital asset custody services. According to a chart in the blog post, the bank will be responsible for ensuring the eligibility of USDC transactions as funds move from users' cryptocurrency wallets to their bank accounts. FV's institutional and retail customers will be able to withdraw USDC deposits via Ethereum ERC-20 tokens or the Polygon (MATIC) Blockchain. Circle announced that USDC is fully backed by US dollar reserves, including cash and three-month treasury bonds. Some banking-focused financial technologies offer integration with USDC, including European crypto payment service BCB Group and corporate payments and financing platform Tribal Credit. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!