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FV Bank, the U.S. licensed global digital bank that offers a vertically integrated suite of traditional and digital asset banking and custody services to FinTech and blockchain firms, has today announced the launch of a new service for FV Bank account holders: the ability to instantly and automatically convert Circle’s USD Coin (USDC) into USD at the moment of deposit.

A leading provider of financial technology, Circle Internet Financial Ltd. also produces the USD Coin (USDC) and Euro Coin (EUROC). One of the stablecoins with the quickest market growth, fully reserved and controlled, USDC has supported more than USD 5 trillion in on-chain transactions to date. It stands for one of the most reliable and safe stablecoins on the market.

Customers of FV Bank will now be able to receive USDC directly into their bank accounts with an immediate conversion of the funds into USD. Due to the fact that this service makes money transfers substantially quicker than in the traditional banking industry, it will greatly minimize the friction associated with domestic and, in particular, foreign settlements.

Money transfers using this service will not only be significantly faster than conventional techniques like bank wires and draughts, but they will also be more affordable and involve fewer touchpoints per transaction, simplifying the process of receiving and transferring money. This enables owners of FV Bank Accounts to send USDC-based invoices to their clients abroad and get payment without worrying about wallets, currency conversions, or other expenses.

“We couldn’t be more pleased to work with Circle and bring almost instantaneous deposits and conversion of USDC to our 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.”
                                                                                             FV Bank’s CEO, Miles Paschini.

A new generation of financial services and business applications that carry the promise of increasing global economic prosperity through the frictionless exchange of financial assets are being created through Circle’s transaction and treasury services.

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