Cryptocurrency custodial service and licensed bank Xapo announced a partnership with Circle to introduce support for the USDC stablecoin and payments in it.
According to representatives of Xapo, with the help of USDC, the companies are going to create a payment infrastructure similar to the SWIFT interbank transfer system. This will significantly reduce the cost and speed up payments. At the same time, USDC itself will not be stored on Xapo wallets – deposits will be automatically converted into US dollars. At the same time, users will receive interest income in the amount of 4.1% per annum.
Also in their statement, representatives of the bank noted that Xapo’s business model is different from traditional banks. The crypto-currency bank does not provide credit services, and keeps all customer funds. To pay interest, the bank “invests funds in a short-term highly liquid assets.”
In early March, Xapo Private Bank announced support for Bitcoin payments through the Lightning Network solution.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
