US Circle, the issuer of the stablecoin USDC, has now announced a partnership with fintech company Plaid to ensure faster and safe bank verifications for ACH payments.
Plaid offers faster account verifications that might help Circle to ensure quicker and easier bank account connections and ACH payments. It is expected to be more convenient for users of related services such as Linus and Dharma who would not need to share their bank details with Circle.
Matthew Hamilton, Co-founder & COO at Linus remarked:
“The Circle and Plaid combination has completely streamlined our business’s fiat to crypto operations, enabling a fast, fully automated journey into and out of USDC for our customers. It’s resulted in faster settlement times, reduced operational overhead, and improved user experience.”
Circle has long been offering ACH payment services by using its API. Using API allows ACH payments to automatically settle as USD Coin and USD coins are automatically converted to ACH remittances when withdrawing.
Meanwhile, Plaid provides services that make it easy to link various apps with consumer bank accounts. It is used by more than 11,000 financial institutions in the United States, Canada, and Europe, including Microsoft, Venmo, and several major banks.
Circle CEO Jeremy Allaire announced on the 22nd that the circulating volume of USDC has reached $30 billion.