FV Bank has gone live with the USDT stablecoin for direct deposits for all account holders, allowing them to directly receive USDT as US Dollars into their FV Bank USD accounts with USDT converted to USD in real-time.
The Puerto Rico-licensed digital bank is expanding its stablecoin options after the successful integration of Circle’s USDC in September 2021.
This capability provides global customers with a wider range of deposit options, including USD, EUR, USDC, and now USDT, catering to the various needs of its international clientele in the fintech and digital asset sectors.
USDT’s market cap exceeds $125 billion USD
USDT, issued by Tether, is the world’s largest stablecoin with a market cap exceeding $125 billion USD. The stablecoin provides a fast and efficient solution for individuals and businesses to manage payments and remittances.
The ability to instantly convert USDT to USD provides a seamless and efficient solution for global customers, empowering them to manage both digital and fiat assets with unparalleled ease.
By eliminating the dependency on traditional bank wires and exchange fees, FV Bank’s USDT direct deposit feature offers a streamlined option for high-volume and smaller-scale international transfers alike.
Miles Paschini, CEO of FV Bank, said: “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.”
FV Bank added EUR to deposit options earlier this year
FV Bank recently enhanced its deposit features to allow clients to deposit euros directly into their USD accounts. This new service automatically converts euros to USD, broadening the bank’s deposit capabilities beyond its existing offerings, which include domestic and international USD wire transfers and ACH transactions.