Circle streamlines USDC-to-dollar conversion

The cryptocurrency firm Circle unveiled a new API for the automatic conversion of the USDC stablecoin into U.S. dollars. The clearing system will help customers who prefer not to make card payments due to high fees.

ACH now live at Circle — full support across both Payments and Payouts! Read more: https://t.co/jFBC9VkiLj

— Circle (@circlepay) January 26, 2021

The crypto-derivatives exchange FTX was the first to implement the new functionality to accelerate settlements in U.S. dollars and USDC transactions between the Ethereum and Solana blockchains.

To implement Circle’s initiative, Circle started cooperating with the cybersecurity company Plaid, which will prevent inaccuracies in specifying bank account numbers and other common errors, raise security levels and reduce fraud risks.

Launched in October 2018, USDC is pegged to the U.S. dollar at a 1:1 ratio. According to CoinGecko at the time of writing, the stablecoin’s market capitalization is more than $5.4 billion.

As reported, the pace of USDC issuance surpassed the performance of the USDT token from Tether.

In December, Circle CEO Jeremy Allaire urged the United States to cooperate in regulating the cryptocurrency industry.

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