{"id":76047,"date":"2023-03-23T12:03:11","date_gmt":"2023-03-23T10:03:11","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=76047"},"modified":"2025-09-10T15:09:37","modified_gmt":"2025-09-10T12:09:37","slug":"circle-signs-partnership-with-xapo-bank-to-bypass-swift-payments","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/circle-signs-partnership-with-xapo-bank-to-bypass-swift-payments\/","title":{"rendered":"Circle signs partnership with Xapo Bank to bypass SWIFT payments"},"content":{"rendered":"<p>The issuer of the USDC stablecoin \u2014 Circle \u2014 has signed an agreement with Gibraltar-based Xapo Bank to bypass costly and time-consuming SWIFT payments. This is stated in the <a href=\\\"https:\/\/www.prnewswire.com\/news-releases\/xapo-bank-becomes-the-first-fully-licensed-bank-to-enable-usdc-deposits-and-withdrawals-301778907.html\\\">press release<\/a>.<\/p>\n<p><!--more--><\/p>\n<p>Xapo will convert all deposits of stablecoins on a 1:1 basis to the US dollar. The bank also offered an annual interest rate of 4.1% for holding USDC.<\/p>\n<p>The financial institution said it would refrain from lending and fractional-reserve practices, keeping clients&#8217; funds in short-term liquid assets.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cXapo Bank enables participants to bypass costly and time-consuming SWIFT transactions, and instead deposit and withdraw funds in the USDC stablecoin at no cost to us,\u201d the bank said.<\/p>\n<\/blockquote>\n<p>Circle decided to change its partner after <a href=\"https:\/\/forklog.com\/en\/news\/us-rescue-saves-svb-and-signature-bank-depositors-stablecoins-narrow-the-depegging\">collapsed Silicon Valley Bank (SVB)<\/a>.<\/p>\n<p>On March 11, USDC lost its peg to the dollar following <a href=\"https:\/\/forklog.com\/en\/news\/usdc-loses-peg-to-the-dollar-amid-svb-collapse\">reports<\/a> that Circle kept $3.3 billion of the asset&#8217;s reserve with SVB.<\/p>\n<p>The company stressed that it uses corporate funds and external capital <a href=\"https:\/\/forklog.com\/en\/news\/circle-promises-to-cover-any-shortfall-in-backing-for-usdc\">to support the stablecoin<\/a>. Later, Circle, like other SVB depositors, received <a href=\"https:\/\/forklog.com\/en\/news\/circle-gains-access-to-svb-deposits-worth-3-3-billion\">full access<\/a> to its deposits.<\/p>\n<p>According to the Arkham analytics platform, since March 10 the issuer <a href=\"https:\/\/forklog.com\/en\/news\/circle-trims-usdc-supply-by-4-5-billion-coins-in-five-days\">has burned<\/a> about 6.2 billion coins. <\/p>\n<p>Earlier, due to the USDC depeg, <a href=\"https:\/\/forklog.com\/en\/news\/algorithmic-dai-and-frax-lose-peg-to-the-us-dollar-following-usdc\">lost the peg of several algorithmic stablecoins<\/a> such as DAI and FRAX.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Circle has signed an agreement with Gibraltar-based Xapo Bank to bypass costly and time-consuming SWIFT payments.<\/p>\n","protected":false},"author":1,"featured_media":76048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1220,116,181],"class_list":["post-76047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-circle","tag-swift","tag-xapo"],"aioseo_notices":[],"amp_enabled":true,"views":"40","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/76047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=76047"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/76047\/revisions"}],"predecessor-version":[{"id":76049,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/76047\/revisions\/76049"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/76048"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=76047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=76047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=76047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}