FV Bank says it has integrated Tether (USDT) for direct deposits. Tether is currently the largest stablecoin in the world by market capitalization.
By adding the dollar-based stablecoin, users may hop between fiat and USDT, which is converted in real-time.
FV Bank touts this ability to instantly convert USDT to USD as a valuable solution for global customers, which can eliminate traditional bank wires and exchange fees.
Miles Paschini, CEO of FV Bank, said the feature positions his bank at the forefront of regulated institutions offering stablecoin utility.
“We have also seamlessly integrated our blockchain analytics tools to pre-screen and detect transactions which may be linked to sanctions or AML activity ensuring our compliance with regulations. As a result, our clients now have greater flexibility and convenience in accepting payments and managing their funds.”
FV Bank previously integrated USDC – a dollar-based stablecoin issued by Circle.
FV Bank is based in Puerto Rico, a US territory, and is fully licensed to operate as a bank providing services to US individuals. FV Bank is licensed by the Office of the Commissioner of Financial Institutions (OCIF) and is allowed to offer deposit-taking, custody, and other banking services in the United States and Internationally. FV Bank is not FDIC-insured.