Digital bank FV Bank has announced that it is enabling deposits in stablecoin USD Coin (USDC), which is issued by Circle.
A new service will be launched which will allow users to make direct deposits in USDC to the bank’s U.S. dollar accounts. The received USDC funds will be automatically converted into the U.S. dollar (USD) at the moment of deposit.
FV Bank CEO Miles Paschini said, “We believe this feature will greatly enhance the user experience and open up more frictionless commerce.”
The firm also said that this feature will allow its users to raise invoices to their international clients in USDC, enabling faster and cheaper transactions as well as conversions.
Paschini also said that although the firm has chosen USDC for now, the bank might consider more stablecoins in the future.
He said, “It was imperative for us to work with a stablecoin issuer who has an excellent track record and whose values align with our own. We have chosen USDC due to its licensing, reserve attestations and the real time 1:1 liquidity.”
Additionally, the bank has announced that it is planning to launch its own custody service in Q4 of this year. This service will allow customers to hold digital assets in a custodial account alongside their depositary account.
Paschini said that the bank’s custody will support major crypto like Bitcoin, Ether and other coins, “based upon our supported assets criteria”.
According to the CEO, the firm’s crypto roadmap has not suffered any issues despite the ongoing crypto winter.
“Overall, the ‘bear market’ has not impacted our business as we continue to grow and expand our services in a responsible way” Paschini said.
