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Circle API adds support for USDC and ACH, allowing different products or protocols to integrate with USDC

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FTX has integrated a new ACH service to facilitate the launch of a new cryptocurrency brokerage product.

Rhythm BlockBeats news, on January 27, Circle, the issuer of the stable currency USDC, announced that the Circle API has added automatic transaction conversion (ACH) payments with USDC. Circle API is a suite of development tools for integrating different products and protocols with the USDC stablecoin. US customers use ACH payments to electronically transfer funds between regulated banking institutions, pay bills, and withdraw money from their bank accounts.

The new option will coexist with other methods of sending funds to Circle, such as credit card payments and wire transfers, and Businesses should be allowed to more easily accept and convert bank transfers to USDC, and vice versa, sending USDC as U.S. dollars to customer bank accounts.

Fintech companies Circle and Coinbase are backing and managing USDC, a cryptocurrency pegged 1:1 to the U.S. dollar token) partners. Stablecoins are designed to provide crypto traders with a cash-like safe haven compared to the price volatility of other digital assets such as ethereum or bitcoin. But as this statement shows, Circle hopes that USDC will become a viable option for U.S. dollar-denominated payments.

Crypto exchange FTX has integrated a new ACH service to facilitate the launch of a new cryptocurrency brokerage product. Circle is also partnering with Plaid to further simplify onboarding for new customers by using bank credentials to log in, replacing the step of logging in with an account and routing number.

FTX founder Sam Bankman-Fried said in a press release: “The Circle API provides us with a Fast, reliable and trusted infrastructure to connect customers' bank transfers with our new retail offering." "Seamless settlement to USDC via Ethereum and Solana, which enables FTX to provide the fastest experience for crypto investors .”

USDC launched in September 2018 and has since become the second most popular stablecoin. Its $5.5 billion supply is second only to Tether, which has a supply of over $25 billion. USDC saw explosive growth last year, increasing its supply by nearly 700% in 2020.