Paradigm-backed Utopia Labs launches USDC bank transfers for businesses
Utopia Labs now allows businesses to send USDC to any U.S. bank account without going through centralized exchanges.
The new offering enables entities from almost all over the world to send USDC to any U.S. bank account, UtopiaThursday. The move aims to bridge the gap between fiat and crypto and improve the speed and convenience of transactions by avoiding the need to go through centralized exchanges. Venture capital funds sending USDC wires to portfolio companies and crypto projects off-ramping their on-chain revenue were further examples of potential use cases, Utopia added., responding to the news.
Once approved, businesses can start offramping USDC at a guaranteed 1:1 conversion rate with the U.S. dollar, for a 0.3% fee, according to its website. The USDC transfers are exclusive to the Ethereum blockchain with no limits and are compliant with ACH transfers — received in less than three business days, the firm said.
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