Circle announced the addition of Automated Clearing House (ACH) payment support, which is going to allow US users to buy USD Coin (USDC) stablecoin and use the Circle API to integrate various products and protocols using USDC. US customers use ACH to transfer funds between regulated banking institutions, pay bills, and withdraw funds from their bank accounts.
ACH support will allow businesses to easily accept and convert bank transfers to USD and vice versa. Circle and crypto exchange Coinbase jointly support USDC. Crypto exchange FTX has already integrated Circle API and ACH service.
“API Circle provides us with a fast and reliable infrastructure to connect customer bank transfers to our new retail products,” FTX founder Sam Bankman-Fried said in a press release. "And with seamless settlement in USDC through Solana and Ethereum, FTX can improve the user experience for crypto investors."
USDC was launched in September 2018 and has since become the second most popular stablecoin. Its $ 5.5 billion offer is second only to Tether with a capitalization above $ 25 billion. During 2020, USDC's supply has grown by almost 700%.