FV Bank, a Pueto-Rico-headquartered financial institution licensed in the US, on Thursday, announced that it has now integrated the USDT stablecoin for direct deposits.
This comes after a similar integration of USDC by Circle in September 2022. With this USDT integration, FV Bank further expands its stablecoin offerings and solidifies its status as a top modern banking solutions provider.
Real-Time USDT To USD Conversion
The new USDT direct deposit feature means that FV Bank account holders can, henceforth, directly have USDT paid into their USD accounts in the form of US Dollars, a process that involves converting such USDT to USD on a real-time basis.
This achievement is good news for the bank’s globalization drive as clients all over the world can now leverage a broader spectrum of deposit alternatives that include USD GBP, EUR, SGD, JPY, HKD, AED, CAD, BRL, MXN, ZAR, USDC, and the newly introduced USDC.
Facilitating the real-time conversion of USDT to USD boosts transactional seamlessness and efficiency for FV Bank customers since it makes managing both fiat and digital assets less complex.
Additionally, FV Bank’s USDT direct deposit mechanism eliminates the dependence on conventional bank wires and exchange fee charges, thus streamlining things for those engaged in both smaller-scale and high-volume international transfers.
Another Significant Milestone
During the announcement, FV Bank CEO Miles Paschini declared that:
The integration of USDT deposits marks another significant milestone in our mission to serve the global fintech and digital asset community. This innovation positions us at the forefront of regulated financial institutions offering comprehensive stablecoin on-ramp and off-ramp services. We have also seamlessly integrated our blockchain analytics tools to pre-screen and detect transactions which may be linked to sanctions or AML activity ensuring our compliance with regulations. As a result, our clients now have greater flexibility and convenience in accepting payments and managing their funds.
Tether’s USDT ranks as the largest stablecoin in the world, boasting a market capitalization of over $125 billion. The coin is a fast and efficient option for organizations and individuals when it comes to payment and remittance management.
This new service offering is a reinforcement of FV Bank’s efforts to simply and quicken the pace of cross-border financial transactions and to deliver an enhanced experience to clients globally.
The Bank had earlier, on September 21, 2022, announced a similar integration with the USDC coin developed by Circle.
FV Bank is a global digital bank and asset custodian under the regulatory supervision of the Office of the Commissioner of Financial Institutions (OCIF), Puerto Rico, USA. Its services include conventional banking, including depository accounts and payment services, digital asset custody, and issuance of VISA cards, among others.
This broad range of services enables it to cater to the various needs of corporate organizations, smaller businesses, and individuals. For more on USDT integration, check out the BTC Republic report about Binance integrating the stablecoin on the TON network.
