FV Bank, a digital/digital asset bank, has integrated USDC, Circle’s dollar-based stablecoin. The new service enables account holders the ability to instantly convert USDC into US dollars at the moment of deposit.
FV Bank is a US-licensed bank based in Puerto Rico where it is regulated by the Office of the Commissioner of Financial Institutions (OCIF). FV Bank is a crossover institution as it offers both traditional and digital asset banking services.
Circle Internet Financial Ltd., is the issuer of the 2nd largest stablecoin in the world – USDC. Circle also manages a Euro-based stablecoin EUROC. Circle has always sought regulatory compliance and is pursuing a banking charter.
FV Bank states that the new USDC service will greatly reduce the friction of domestic, and international settlements as the money transfer process becomes almost instantaneous – far faster than the traditional banking sector. The USDC to USD also avoids the cost of bank wire fees as well as the analog challenges.
FV Bank CEO, Miles Paschini said they are pleased to be working with Circle to bring almost instantaneous deposits and conversion of USDC to account holders:
“It was imperative for us to work with a stablecoin issuer who has an excellent track record and whose values align with our own. We look forward to growing our working relationship with Circle, as we collaboratively help bridge the traditional financial system with the world’s leading blockchains to unlock further growth in the digital asset sector.”