Circle Introduces USDC to US Dollar Auto-Conversion

Circle Introduces USDC to US Dollar Auto-Conversion
CONTENT

  • Circle has figured out how to accelerate the adoption of USDC among businesses

  • Users will be able to quickly convert stablecoin to dollar

  • New functionality from Circle has already been added by FTX crypto exchange

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Circle Introduces USDC to US Dollar Auto-Conversion

USDC stablecoin issuer adds automated clearing support for converting digital currency to US dollar

USDC Issuer Circle has added the ability to auto-convert stablecoin to US dollar. The company announced this on its official website..

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With the help of an automated clearing system, businesses will be able to automatically convert payments from USDC to USD and vice versa. You can connect a new function through the API from Circle.

Circle Introduces USDC to US Dollar Auto-Conversion

The function is expected to be suitable for those who do not want to make card payments due to high fees.

Dollar to the masses

The first to introduce the new functionality from Circle was FTX cryptocurrency exchange. FTX Founder Sam Bankman-Fried Says Circle’s API Will Also Accelerate USDC Transactions Between Ethereum and Solana Blockchains.

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Circle has also partnered with fintech startup Plaid for a hassle-free conversion to physical money..

“The process prevents errors such as mis-entering bank accounts … and increases security for users,” comments the Circle partnership..

With Plaid, users can directly connect to their bank accounts to convert USD to USDC and vice versa.

Digitalization of services

Circle Introduces USDC to US Dollar Auto-Conversion

Jeremy Aller, CEO of Circle, has previously announced the imminent rise in popularity of payments in stablecoins. Then Aller expressed the hope that in the face of global shocks and the collapse of markets, interest in digital dollars could grow significantly.

The popularity of such currencies is already confirmed by the growth in market capitalization. In 2020, USDC’s market capitalization skyrocketed 655% from $ 518 million to $ 3.9 billion.

However, stablecoins are popular for more than just payments for goods or buying cryptocurrencies. As Coinbase found out, stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More is increasingly used as a tool for venture capital investment in startups.

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