FTX and Blockfolio Integrate With Circle, Add USDC Settlement Layer
The twin crypto trading hubs plugged into Circle’s payments and banking API Friday.
Crypto derivatives exchange FTX and retail subsidiary Blockfolio plugged into Circle’s payments infrastructure on Friday, allowing users to fund their accounts with the USDC stablecoin.
Users can settle bank transfers and credit card transactions in the dollar-pegged crypto, the second-most popular stablecoin by daily trading volume, FTX and Blockfolio said. Crypto traders use stablecoins like USDC and the far-larger Tether as a popular trading pair. Using stablecoins – which are digital currencies that are pegged to a relatively stable asset like the U.S. dollar – may be faster than trying to fund trading accounts with bank transfers or other fiat tools.
“USDC is a core treasury infrastructure for FTX and Blockfolio, rather than relying on legacy banking infrastructure,” Josh Hawkins, a marketing executive at Circle, said. He said FTX and Blockfolio are now “USDC native,” which means the token is built into their systems.
The new API (application programming interface) plugin will work across “nearly 200 countries,” according to a press release.
FTX customers can still cash out of their holdings with an automated clearing house, wire transfers or credit cards.
USDC has a market cap just over $15 billion, according to CoinDesk’s asset page. The stablecoin has seen over $5 billion in trading volume over the past 24 hours.
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.
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.