USD Coin (USDC) withdrawals have now been authorized on the digital asset exchange platform Crypto.com.
The news comes just over a month after the platform began accepting USDC deposits as part of a new collaboration with Circle, the stablecoin’s issuer.
Users of Crypto.com were able to deposit fiat currency into their trading accounts and earn an equivalent quantity of USDC as a result of the cooperation.
USDC is a prominent USD-pegged stablecoin that crypto investors may use to trade against major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
It was initially issued in September 2018 by Goldman Sachs-backed Circle (ETH). The stablecoin is now supported in over 50 different trading pairs with other digital assets on Crypto.com.
Stablecoins tied to fiat currencies have grown in popularity in recent years as a means of building smooth fiat-to-crypto payment channels on cryptocurrency exchanges.
The senior, and still most liquid, stablecoin, Tether, anticipated the multiple USD-pegged assets on the market – among them, USDC, Binance USD (BUSD), and Paxos Standard (PAX) (USDT).
Due to previous difficulties involving the latter’s lack of transparent accounting for its U.S. dollar reserves, issuers of later stablecoins are competing to prove their credentials with authorities as to the stablecoin sector, particularly in the United States, continues to be scrutinized.
To that aim, Grant Thornton, a multinational tax advising and consulting firm, recently evaluated USDC, which is currently the second-largest stablecoin behind USDT.
Following a merger with a special purpose acquisition company, USDC’s issuer, Circle, announced plans to go public on the New York Stock Exchange this summer (SPAC).
