Xapo Bank expands stablecoin payment rails to accommodate Tether
Private bank Xapo has become the first bank in the world to integrate Tether (USDT) payment rails.
Beginning with a phased roll out, the payment rails will be fully available to all members by the end of May.
After launching USDC in March, Xapo is now enabling members to leverage Tether for payments as an alternative to SWIFT.
Xapo Bank says it has seen a strong appetite for the efficiency of stablecoin deposits and withdrawals among its members, many of whom are based in emerging markets. Since enabling USDC deposits in November it has received $48 Million in USDC deposits, and enabled $4.5M in USDC withdrawals over the past two months.
The Gibraltar-based bank also reports a 20% increase in member onboarding requests since the USDC withdrawal function went live in March.
“Xapo Bank is the only regulated bank in the world which offers a USD account with stablecoin rails,” said Seamus Rocca, Xapo’s CEO.
“This is a unique offering that combines the compliance and safety of a traditional bank with the speed, efficiency and breadth of use of USDT.
“By growing our payment rail options, we are committed to eliminating the timely and often expensive deposit and withdrawal processes into regular banks. We are empowering our members to grow their wealth and access and spend it in a seamless manner.”