Circle facilitates smooth USDC-USD transactions, offering a bridge between banks and DeFi.

Spread the love

As a result of advances in both crypto technologies and policy, Circle’s new USDC API offers a bridge between crypto and conventional finance.

Circle, the company behind the second most common stablecoin USD Coin, has introduced a new API that will enable the seamless conversion of USDC to USD through automated clearinghouse (ACH) systems.

The first exchange to implement the new API would be options and futures specialist FTX, seeking to speed up USD settlement procedures on behalf of their clients.

In a blog post, project manager Gee Chuang explained how the Circle ACH API enhances relations between the fiat world and the digital world by adding interoperability between payment rails, such as wallet, wire and blockchain transactions. Using the API, USD funds can be quickly exchanged between banks and blockchains, historically processed manually, and now automatically.

Circle has partnered with Plaid, a company that specializes in online account security and verification, to provide a process for streamlining USD/USDC transfer through Circle. Chaung said:

“This process prevents common errors like mistyping bank accounts or routing numbers and ensures greater user security, while reducing fraud reversal risks. No digging around for numbers, no clunky codes, no switching between applications during the process.”

More than 50 countries use some version of ACH payment processing, including the EU, United States, United Kingdom, China, Japan and South Korea. Circle has also partnered with Visa to process crypto-related payouts across 30 countries covered by their network.

RECOMMENDED READ:  China's Poolin buys North American mining pool NovaBlock

USD Coin is primarily an Ethereum-based token that can be traded for US dollars on a 1:1 basis and is backed by a pool of frequently audited funds. Launched in October 2018 as an option to Tether, around USDC 5.4 billion is currently in circulation, rendering it the second largest stablecoin by market cap after USDT.

Demand for USDC has been at an all-time high, breaking weekly volume highs for the first three weeks of the new year. Besides being heavily used in Binance and Coinbase, USDC is also a stablecoin favorite of DeFi traders, with sites like Uniswap, Curve and Compound responsible for hundreds of millions in daily trading.


Circle CEO Jeremy Allaire has long been a supporter of convergence between digital currencies and conventional finance, speaking to the US. Treasury Department in December 2020 to facilitate crypto sector cooperation in the regulatory growth phase.

RECOMMENDED READ:  Ukraine is to set up a large-scale Crypto Mining Data Center in a nuclear power plant

Speaking at the fintech festival earlier that month, Allaire forecast that future breakthroughs in blockchain technology will facilitate rapid acceptance, putting its possible advantages “in the hands of hundreds of millions, if not billions, of users.”


 244 Interactions,  2 today

Visa Partners With Circle to Integrate USDC for Payments

Visa enters into a partnership with Circle to integrate its USDC stablecoin within its network of merchants. Visa, a global Read more

Popular Youtube influencer, with 13.6 million subscribers claims he was paid to promote Tron

Marques Brownlee, a prominent Youtube influencer, told his 13.6 million subscribers that representatives allegedly offered him a deal to help Read more

UK-based Exmo exchange suffered DDoS attack

UK-based crypto exchange Exmo suffered a distributed denial-of-service (DDoS) attack. Exmo team said on Twitter that the exchange’s servers were Read more

Why billionaire Mark Cuban says Ethereum has become a greater store of wealth than Bitcoin.

Mark Cuban – a billionaire tech investor has frequently made contradictory comments regarding cryptocurrencies, once saying that he'd rather "have Read more

RECOMMENDED READ:  How unsustained Ether surge to $1400 saw its network difficulty and hash rate hit new levels

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us

%d bloggers like this: