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Crypto.com launches USDC Fiat Withdrawal and Deposit service to open up global fiat channels

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Crypto.com launches USDC Fiat Withdrawal and Deposit service to open up global fiat channels

The asset management platform Crypto.com has announced the launch of USDC withdrawal services on its exchange platform of the same name. Users can convert their USDC assets in a 1:1 ratio to US dollars and withdraw them to their personal bank accounts. Although this feature is supported in over 30 countries worldwide, it is currently only available in Singapore and Hong Kong in the Asian region.

Collaboration with Circle

Crypto.com announced a partnership with stablecoin issuer Circle on June 28 this year to provide users with the service of depositing USDC at a 1:1 ratio with the US dollar. Announcement.

At that time, Crypto.com claimed that the withdrawal function would be opened as soon as possible, and it was realized over a month later. The latest announcement indicates that if users have successfully deposited in US dollars before, they can also withdraw successfully, but the availability is limited to certain regions.

Support for Singapore and Hong Kong

There are several requirements for deposit and withdrawal functions:

  • Deposits and withdrawals must be made to the same bank account
  • Minimum deposit per transaction is $500 USD
  • Maximum daily deposit is $50,000 USD
  • Maximum monthly deposit is $500,000 USD

In addition, there is a withdrawal fee of 25 USDC per transaction, and if a transaction is rejected by SWIFT, a fee of 25 USDC will still be charged by SWIFT for processing each deposit and withdrawal service.

As shown in the image, the supported regions are primarily European countries, with only Singapore and Hong Kong in Asia. Crypto.com's move is undoubtedly aimed at further capturing market share of "local fiat currency exchanges" in various countries. However, for non-US dollar countries, as they still need to convert the US dollar to their local currency, the additional exchange rate difference reduces the competitiveness of this service offered by Crypto.com.

A reader from Hong Kong pointed out:

Due to the large exchange rate difference at banks, it is faster and more cost-effective to conduct over-the-counter transactions point-to-point. They usually directly exchange USDT for Hong Kong dollars on the Binance C2C platform, as their bank accounts have very low usage and do not hold US dollars.