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    Home»Announcement»Xapo Bank pioneers integration of tether (USDT) for global payments
    Announcement

    Xapo Bank pioneers integration of tether (USDT) for global payments

    By AsiaTechDeskMay 18, 20232 Mins Read
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    Xapo Bank, a licensed private bank that combines traditional banking with access to cryptocurrencies, has achieved a significant milestone by integrating Tether (USDT) payment rails, becoming the world’s first bank to do so.

    The phased rollout of USDT payment rails will be completed by the end of May, offering members an alternative to the time-consuming and costly SWIFT payment system. This integration follows the successful launch of USDC payment rails by Xapo Bank in March.

    As the world’s most widely adopted stablecoin with an $82 billion market cap, USDT enables quick and efficient money transfers for remittances and other payments. It particularly benefits individuals in emerging markets facing economic uncertainty and hyperinflation.

    Xapo Bank has witnessed a strong demand for stablecoin deposits and withdrawals, especially from its members in emerging markets. Since enabling USDC deposits in November, the bank has received $48 million in USDC deposits and facilitated $4.5 million in USDC withdrawals since March.

    By offering members the ability to deposit and withdraw funds using USDC and USDT without any fees, Xapo Bank aims to attract a new cohort of users seeking an alternative to SWIFT payments. Moreover, all USDC and USDT deposits are automatically converted to USD, allowing members to earn a 4.1% annual interest rate on their daily USD deposits.

    Xapo Bank’s interest rate restructuring also includes a 1% annual interest on member Bitcoin deposits, divided over the year and paid out daily. The bank’s commitment to providing sustainable returns on deposits aligns with its core philosophy of not relying on fractional reserve banking or lending members’ funds.

    As a fully licensed and regulated bank, Xapo Bank guarantees its members’ USD deposits up to €100,000 through the Gibraltar Deposit Guarantee Scheme. The bank’s Bitcoin deposits are fully segregated and never lent or leveraged. With robust compliance measures, Xapo Bank ensures the safety of its members’ assets.

    Seamus Rocca, CEO of Xapo Bank, emphasized the elimination of time-consuming deposit and withdrawal processes with the introduction of USDC and USDT payment rails. Xapo Bank continues to expand its payment rail options and recently integrated with the Lightning Network, enabling lightning-fast Bitcoin payments for its members.

    With its innovative approach to blending traditional banking with cryptocurrencies, Xapo Bank remains at the forefront of facilitating efficient and secure global financial transactions.

    AsiaTechDesk

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