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Xapo Bank to Enable Tether Deposits, Withdrawals
Earlier this year, the crypto-friendly bank introduced support for USDC.
Updated May 9, 2023, 4:05 p.m. Published May 9, 2023, 2:40 p.m.
Xapo Bank, a crypto-friendly institution based in Gibraltar, will allow customers to deposit and withdraw tether , 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.
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“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.
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