Digital bank FV Bank integrates USDC stablecoin for direct deposits

cointelegraph.com:

The global digital bank FV Bank is the latest financial platform to enable deposits in Circle-backed stablecoin USD Coin (USDC).

FV Bank on Wednesday announced the launch of a new service allowing its account holders to make direct deposits in USDC to the bank’s U.S. dollar accounts. The new feature enables customers to receive USDC on their accounts similar to traditional deposits like wire or the automated clearing house network.

According to the announcement, received USDC funds are instantly and automatically converted into the U.S. dollar (USD) at the moment of deposit. This new solution allows FV Bank users holders to raise invoices to their international clients in USDC, enabling faster and cheaper transactions as well as conversions, the firm said.

“We believe this feature will greatly enhance the user experience and open up more frictionless commerce,” FV Bank CEO Miles Paschini told Cointelegraph.

Paschini pointed out that USDC will be the first stablecoin accepted for deposit into USD at this time, but FV Bank might consider more stablecoins in the future.

“We have chosen USDC due to its licensing, reserve attestations and the real time 1:1 liquidity,” the CEO noted.

Apart from integrating USDC, FV Bank also plans to launch its own custody service in Q4 2022, allowing customers to hold digital assets in a custodial account alongside their depositary account. According to Paschini, FV Bank’s custody will support major cryptocurrencies like Bitcoin (BTC), Ether (ETH) and other coins, “based upon our supported assets criteria.”

FV Bank is a crypto-friendly digital bank regulated by the Office of the Commissioner of Financial Institutions in Puerto Rico. The company originally planned to roll out cryptocurrency custody