Xapo Bank Integrates Circle's USDC Payment Rails as an Alternative to SWIFT

Xapo Bank has partnered with fintech firm Circle to offer its customers USD Coin payment rails as an alternative to SWIFT. Members can now deposit and withdraw funds without fees via out rails added to existing USDC onramps, with all USDC deposits automatically converted to the dollar.

Xapo Bank is a fully licensed and regulated bank, offering customers annual interest rate returns of up to 4.1%. It claims to differ from traditional banks in that it does not engage in lending activities or fractional reserve banking.