The digital asset substitution platform Crypto.com has at present enabled withdrawals of USD Coin (USDC), meaning that users can withdraw the stablecoin and receive United States dollars at a one-to-ane ratio directly to their bank account.

The announcement comes just over a calendar month after the platform launched support for USDC deposits, following a new partnership with the stablecoin'southward issuer, Circumvolve. The partnership enabled Crypto.com users to transfer fiat currency into their trading accounts to receive an equivalent amount of USDC.

USDC, showtime released by Goldman Sachs-backed Circle in September 2022, is a popular USD-pegged stablecoin that crypto investors tin utilize to trade confronting major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). On Crypto.com, the stablecoin is currently supported in over fifty different trading pairs with other digital assets.

Over the past couple of years, fiat currency-pegged stablecoins accept become an increasingly popular means of establishing seamless fiat-to-crypto payment gateways on cryptocurrency exchanges.

The numerous USD-pegged assets on the marketplace — amongst them, USDC, Binance USD (BUSD) and Paxos Standard (PAX) — were anticipated past the veteran, and still most liquid, stablecoin, Tether (USDT). Past controversies surrounding the latter's lack of transparent bookkeeping for its U.S. dollar reserves have prompted the issuers of later on stablecoins to vie to prove their credentials with regulators equally scrutiny of the stablecoin sector, particularly in the U.Southward., continues to intensify.

Related: Crypto.com taps Circle for global dollar deposits

To this finish, USDC — currently the second-largest stablecoin afterwards USDT — has recently been audited past the multi-national tax advisory and consultancy firm Grant Thornton. USDC's issuer, Circle, has too this summertime announced its plans to go public on the New York Stock Exchange, following a merger with a special purpose acquisition visitor (SPAC).