The digital asset exchange platform Crypto.com has now enabled withdrawals of USDC. This means that users can withdraw the stablecoin and receive U.S. dollars at a one-to-one ratio directly to their bank account.
The exchange made this announcement just a month after it launched support for USDC deposits. This was following the company’s new partnership with Circle. The partnership enabled Crypto.com users to transfer fiat currency into their trading accounts to receive an equivalent amount of USDC.
On Crypto.com, stablecoin is currently supported in over 50 different trading pairs with other digital assets. Fiat-backed stablecoins have become a popular way to establish transparent fiat-to-crypto payment gateways on exchanges for a couple of years. USDC’s issuer Circle has also announced its plans to go public on the NYSE. This would be following a merger with a special purpose acquisition company (SPAC).