FV Bank, based out of Puerto Rico, announced the formation of a mutually agreeable partnership with Circle, which is basically in line with issuing stablecoin. From this act, all customers belonging to FV Bank will now have the facility of getting USD Coin (USDC) deposits transferred to their individually held accounts. This will invariably facilitate all transactions made internationally, more cost-effective and easier to operate.
The Circle will be responsible for converting the USDC that all their customers who have transacted in U.S dollars before the formal deposits are carried out. The whole process involved, where making international transactions with stablecoin are concerned, will inevitably become easier and more smoothly functioning.
All of this will further enable the customers of FV Bank engaged in international transactions to do so in USDC, for which it will cease to be their concern regarding issues such as wallets, fees, conversions, and other related matters. Indeed, a load off their heads and shoulders.
Rules and regulations are set by Puerto Rico’s Office of the Commissioner of Financial Institutions (OCIF). As part of its functions, it oversees all digital banking and digital custody services.
One crucial aspect lies in the fact that all compliance-related issues attached to USDC transactions must be carefully scrutinized, ensuring seamless functioning as the process of transfers from users’ crypto wallets to their bank accounts ensues. It is a win-win situation for FV Bank and its coveted customers.