FV Bank, a US licensed digital bank specialising in both traditional and digital asset services, has unveiled a feature allowing account holders to receive deposits in USDT (Tether) and have them automatically converted into US dollars in real-time.
The latest enhancement aims to simplify cross-border payments and remittances while reducing costs and processing times for international transfers.
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With a market valuation of over $125bn, USDT is a stablecoin that is frequently used for quick and easy financial transactions.
Individuals and companies handling both fiat and digital currencies may now manage both more easily due to FV Bank’s new service, which seamlessly integrates with existing bank wires and currency exchange expenses.
Building on its 2021 release of USDC deposits, this rollout represents a major extension of FV Bank’s stablecoin integration.
The bank continues to serve its expanding global clientele, especially in the fintech and digital asset industries, by expanding its deposit options to include USD, EUR, USDC, and now USDT.
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By GlobalDataAs the use of digital assets grows, FV Bank stays committed to adapting and improving its services to meet the needs of its expanding customer base. The implementation of USDT direct deposits reflects not only FV Bank’s proactive approach to financial innovation, but also its commitment to providing secure, compliant, and forward-thinking banking services.
Miles Paschini, CEO of FV Bank stated: “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.”
