Starting today, verified StraitsX Personal and Business accounts will be able to transfer in and out USDC to and from their StraitsX account, via either a bank transfer or a blockchain transfer.
To begin transferring in USDC to your account via a block transfer:
At the time of writing, only the Ethereum (ERC-20) network is supported for your USDC transfer, with more network integrations coming soon.
Copy and paste the given blockchain wallet address in your wallet of choice to complete your transfer.
Note that a flat network fee of 0.5 USDC will be charged for any transfer in above 10 USDC.
You may withdraw USDC funds to a custodial or non-custodial ERC-20 blockchain address of your choice via the following steps.
Note that a network fee is applicable for transferring out USDC to a blockchain address:
Alternatively, you will also be able to transfer USD from a bank account to receive USDC on your StraitsX account. To get started, you will need to link a bank account that supports USD transfers.
Once your bank account information has been successfully submitted, it will take up to 3 business days for verification to be completed. You will be notified via email once your bank account has been verified.
Here is a list of supported banks with accounts that support USD transfers:
Once your bank account has been successfully verified and linked, you may proceed to transfer in USD for USDC conversion. Select ‘Transfer In’ on your StraitsX dashboard.
A transaction fee of USD 8 is applicable for each inbound transaction. After the bank transfer is made, USDC Funds will be reflected in your StraitsX account instantly.
Alternatively, you may choose to withdraw your USDC funds as fiat into your bank account:
Your outbound transfer request will take up to 90 minutes to be reflected in your bank account. Note that a flat fee of USD 25 will be charged for all outbound transfers to your bank account.
Overview of all transaction fees:
USDC is a stablecoin fully backed by cash and short-dated US treasuries, so that it is always redeemable 1:1 for US Dollars. USDC is issued by Circle, a licensed money transmitter under U.S. state law. Circle’s financial statements are audited annually and subject to review by the SEC.