TechFlow reported, Utopia Labs, backed by Paradigm, has launched USDC stablecoin bank transfers for enterprises, aiming to accelerate the adoption of crypto payments.
On Thursday, Utopia said its new product enables nearly any organization worldwide to send USDC to any U.S. bank account, directly addressing the shortcoming that the U.S. banking system does not support cryptocurrency-native entities. The company stated that businesses earning, raising, or sending money in cryptocurrency can now use USDC to pay service providers, office rent, or "anyone with a U.S. bank account."
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