Paxos Launches Automatic Conversions Between Bank Deposits and Stablecoins

Paxos Launches Automatic Conversions Between Bank Deposits and Stablecoins 1

Paxos announced Tuesday a new feature allowing customers to automatically wire transfer funds from their bank accounts into either Paxos Standard or Binance USD stablecoins. Conversely, any PAX or BUSD sent to the designated address will be automatically wired back to the individual’s bank account in USD.

Zach Kwartler, senior product manager at Paxos, told CoinDesk this functionality, dubbed Auto-Transfers, should be available with any bank in the U.S.

“The blockchain and the real financial world need to be closer together,” he said. “For us, our vision is to use this as an infrastructure layer, to get more and more dollars on the blockchain.”

The main use case for stablecoins to date has been as a tool for crypto trading, but Kwartler said this can aid payments use cases as well.

Coinbase 3
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Paxos Launches Automatic Conversions Between Bank Deposits and Stablecoins 2
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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin38,553 1.51 % 1.50 % 3.69 %
Ethereum2,786.9 6.44 % 6.24 % 21.18 %
Tether1.010 0.12 % 0.47 % 0.82 %
Binance Coin332.02 1.22 % 0.60 % 5.84 %
Cardano1.370 1.37 % 1.05 % 7.06 %
XRP0.7199 1.10 % 0.01 % 0.60 %
USD Coin1.010 0.26 % 0.32 % 0.49 %
Dogecoin0.1989 1.08 % 0.07 % 4.58 %
Polkadot18.85 2.36 % 2.05 % 29.59 %
Uniswap24.14 5.65 % 7.81 % 26.53 %

bitcoin
Bitcoin (BTC) $ 38,813.00
ethereum
Ethereum (ETH) $ 2,816.34
tether
Tether (USDT) $ 1.01
binance-coin
Binance Coin (BNB) $ 333.36
cardano
Cardano (ADA) $ 1.39
xrp
XRP (XRP) $ 0.726040
usd-coin
USD Coin (USDC) $ 1.02
dogecoin
Dogecoin (DOGE) $ 0.200446
polkadot
Polkadot (DOT) $ 18.96
uniswap
Uniswap (UNI) $ 24.19