Utopia Labs launches USDC-based B2B solution

The Paradigm-backed firm Utopia Labs launched an Ethereum-based solution that allows companies to “transfer USDC to any US bank account.”

This step aims to bridge the gap between crypto and fiat, speeding up and simplifying transactions, removing the need to interact with centralized exchanges.

The developers say the U.S. banking system has kept crypto firms at arm’s length, and the new solution is meant to address that.

Now firms that earn, hold, or move funds in digital assets can pay for a range of services using USDC.

Utopia Labs does not intend to be limited to Circle’s single stablecoin — the company will add support for other assets as well as various networks.

Among other things, the platform is integrated with the Safe wallet (formerly Gnosis Safe), allowing token exchanges across more than 100 decentralized exchanges.

Utopia Labs raised $23 million following a Series A round in 2022. Participants included Paradigm, Circle Ventures and Coinbase Ventures.

Earlier, Circle released the USDC stablecoin on the Arbitrum network.