FV Bank, a global digital bank, is the latest financial platform that allows deposits in Circle-backed USD Coin ( USDC).
FV Bank announced Wednesday the launch of a new service that allows account holders to make USDC deposits to bank accounts in the U.S. Customers can receive USDC on accounts as traditional deposits such wire or automated clearinghouse network.
The announcement states that USDC funds received at the time of deposit are immediately and automatically converted to USD (United States Dollar) FV Bank customers can now send invoices in USDC to international clients. This allows for faster and more affordable transactions, as well as quicker conversions.
Miles Paschini, CEO of FV Bank, stated that he believes this feature will significantly improve the user experience and allow for more frictionless commerce.
Paschini noted that USDC is the first stablecoin to be accepted for USD deposit at the moment, however FV Bank may accept other stablecoins in future.
The CEO stated that USDC was chosen for its licensing, reserve attestations, and real-time 1:1 liquidity.
FV Bank plans to integrate USDC and launch its own custody service. This will allow customers to keep digital assets in a custodial along with their depositary accounts in Q4 2022. Paschini claims that FV Bank’s custody service will be able to support major cryptocurrencies such as Bitcoin ( Bitcoin), Ether( ETH), and other coins “based on our supported assets criteria.”
FV Bank, a cryptocurrency-friendly digital bank, is licensed by Office of the Commissioner of Financial Institutions of Puerto Rico. Following the lead of major U.S banks such as Standard Chartered, FV Bank originally intended to launch cryptocurrency custody services by 2021.
The CEO stated that the company’s crypto roadmap had not been affected by the ongoing crypto winter.
Paschini stated that “Overall, we have not been affected by the bear market” and that they continue to grow their services in a responsible manner.
FV Bank isn’t the only financial institution that integrates USDC. Robinhood, a crypto-friendly stock trading platform, announced Tuesday that USDC had been listed. The stablecoin will be transferable on both the Ethereum and Polygon networks Wednesday.
Related: Circle founder says Binance converged dollar books would be good for USDC
Robinhood and FV Bank are moving forward with USDC support. However, major corporations have recently decided to limit USDC services.
Binance announced on Sept. 6 that it would suspend trading USDC along with other stablecoins such as TrueUSD (TUSD) and Pax Dollar (USDP), for liquidity and capital efficiency reasons. WazirX, an Indian exchange, announced the same measures. It also offered stablecoin Binance USD (BUSD), instead.