Crypto derivatives exchange FTX and retail subsidiary Blockfolio plugged into Circle’s payments infrastructure on Friday, allowing users to fund their accounts in the USDC stablecoin.
Users can settle bank transfers and credit card transactions in the dollar-pegged crypto, the second-most popular stablecoin by daily volume, the twin crypto hubs said. Crypto traders use stablecoins like USDC and the far-larger Tether as a popular trading pair. Stablecoins may be faster than trying to fund trading accounts using bank transfers or other fiat tools.
“USDC is a core treasury infrastructure for FTX and Blockfolio, rather than relying on legacy banking infrastructure,” Josh Hawkins, a marketing executive at Circle, said. He said FTX and Blockfolio are now “USDC native.”
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The new API plugin will work across “nearly 200 countries,” according to a press release.
FTX customers can still cash their holdings out using ACH, wire transfers or credit cards.
USDC has a market cap just over $15 billion dollars, according to CoinDesk’s asset page. The stablecoin has seen over $5 billion in volume over the past 24 hours.
