The Block11 minutes ago

Published on July 21, 2023 10:04 GMT+00:00edited on July 21, 2023 10:09 GMT+00:00

Paradigm-backed Utopia Labs has launched USDC stablecoin bank transfers for businesses aiming to accelerate crypto payments adoption.

The new offering enables entities from almost all over the world to send USDC to any U.S. bank account, Utopia said Thursday. The move aims to bridge the gap between fiat and crypto and improve the speed and convenience of transactions by avoiding the need to go through centralized exchanges.

Utopia said the U.S. banking system has failed to support crypto organizations, and its solution addresses this shortfall head-on. Businesses that make, raise or send money in crypto can pay service providers, office rent or “literally anyone who has a U.S. bank account” via USDC, the firm said.

Venture capital funds sending USDC wires to portfolio companies and …