Paxos Launches Automatic Conversions Between Bank Deposits and Stablecoins

Paxos is enabling a new auto-transfer feature to streamline the conversion of funds between bank accounts and stablecoin deposits.

Jan 21, 2020 at 4:01 p.m. UTC
Updated Sep 13, 2021 at 12:10 p.m. UTC

Paxos announced Tuesday a new feature allowing customers to automatically wire transfer funds from their bank accounts into either Paxos Standard or Binance USD stablecoins. Conversely, any PAX or BUSD sent to the designated address will be automatically wired back to the individual’s bank account in USD.

Zach Kwartler, senior product manager at Paxos, told CoinDesk this functionality, dubbed Auto-Transfers, should be available with any bank in the U.S.

“The blockchain and the real financial world need to be closer together,” he said. “For us, our vision is to use this as an infrastructure layer, to get more and more dollars on the blockchain.”

The main use case for stablecoins to date has been as a tool for crypto trading, but Kwartler said this can aid payments use cases as well.

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