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Finance

Xapo Bank to Enable Tether Deposits, Withdrawals

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

By Lyllah Ledesma
AccessTimeIconMay 9, 2023 at 2:40 p.m. UTC
Updated May 9, 2023 at 4:05 p.m. UTC
Gibraltar (lutz/Pixabay)

Gibraltar (lutz/Pixabay)

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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.

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Lyllah Ledesma
Lyllah Ledesma

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

Follow @LedesmaLyllah on Twitter

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