Cryptocurrency exchange Crypto.com has just announced it has added withdrawals for USD Coin (USDC), a popular USD-pegged stablecoin, for all its users in all the jurisdictions the company operates, according to the announcement shared by the company on its blog.
Now the digital asset platform users will be able to withdraw the stablecoin and get US dollars at a one-to-one ratio directly to their bank account.
We should take into consideration that the exchange added support for USDC deposits just a month ago after partnering with Circle, the issuer of the stablecoin.
Crypto.com currently supports more than 50 trading pairs with the stablecoin, which was first released in September 2018 by Circle.
While Tether was the first stablecoin and is actually still the most popular, many other stablecoins, including USDC, Binance USD (BUSD) and Paxos Standard (PAX) are also gaining popularity among users.
Tether has been previously criticized for its lack of transparency because while the stablecoin issuer claimed all units of the token were backed by a physical US dollar, the company did not provide any proof.