Xapo Bank to Enable Tether Deposits, Withdrawals

Earlier this year, the crypto-friendly bank introduced support for USDC.

AccessTimeIconMay 9, 2023 at 2:40 p.m. UTC
Updated May 9, 2023 at 4:05 p.m. UTC

Xapo Bank, a crypto-friendly institution based in Gibraltar, will allow customers to deposit and withdraw tether (USDT), the largest stablecoin by market cap, by the end of the month.

The transactions will not incur fees, the 10-year-old bank said in a statement shared with CoinDesk. The tether service will join a similar one for USD Coin (USDC), which the retail-focused bank introduced in March. Since that started, it has received $48 million in USDC deposits and enabled $4.5 million in withdrawals, bank said.

“Xapo Bank has seen a strong appetite for the efficiency of stablecoin deposits and withdrawals from its members, many of whom are based in emerging markets,” it said.

The bank said it offers a 4.1% annual interest rate on deposits.

Edited by Sheldon Reback.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.