The Crypto.com digital asset exchange platform has now enabled USD coin (USDC) withdrawals, which means that users can withdraw stablecoins and receive one-to-one US dollars directly to their bank account.
The announcement comes a month and a few days after the platform launched USDC deposit support, following a new partnership with stablecoin publisher, Circle. This partnership allowed Crypto.com users to transfer fiat currency to their trading accounts to receive the equivalent amount of USDC.
The USDC, first issued by Goldman Sachs-backed Circle in September 2018, is a popular stablecoin that crypto investors can use to trade against major cryptocurrencies such as BTC and ETH. At Crypto.com, stablecoin is currently supported in more than 50 different trading pairs with other digital assets.
In the last few years, currency-linked stablecoins have become an increasingly popular means of creating seamless fiat-to-crypto payment gateways on cryptocurrency exchanges.
Transparency of stablecoins
Some stablecoins, especially Tether, face problems as they are often accused of lacking dollar reserves. Greater transparency should therefore be addressed by the forthcoming audit. In the USA in particular, control of this sector is constantly strengthening.
For this reason, the USDC has recently been audited by the multinational tax consulting firm Grant Thornton. The publisher of USDC Circle also announced this summer its plans to list on the New York Stock Exchange following a merger with a special acquisition company (SPAC). These are all good prospects for the USDC.