Blockchain company Circle launches New API to allow Seamless Transfer of USDC to USD

Circle, a Blockchain company, has now announced the addition of Automated Clearing House (ACH) payments for the USDC dollar-pegged stablecoin to the Circle API.

According to the announcement, the new addition will enable the customers in the US to electronically transfer funds between the regulated banking institutions, withdraw balances, and pay bills from their bank accounts.

Sam Bankman-Fried, Founder and CEO of FTX, said, "Circle APIs give us a fast, reliable and trusted infrastructure for connecting customer bank transfers to our new retail products, and with seamless settlement into USDC across Ethereum and Solana, this gives FTX the ability to offer the fastest possible experience for crypto investors."

Circle also revealed that using ACH payments represents a happy medium between using the wire transfers and card payments.

FTX cryptocurrency exchange platform has integrated the new ACH service to its platform to support the launch of new retail crypto brokerage products. 

Circle has also partnered with Plaid, a company which is having its specialization in online account security and verification. Plaid’s account verification process is set to prevent common errors like routing numbers and mistyping bank accounts while reducing fraud reversal risks.

All the ACH payments will be automatically settled as USDC in customer’s Circle accounts, while payouts will enable automatic conversion from USDC into ACH.