Paradigm-backed Utopia Labs has launched an Ethereum solution that allows companies to “transfer USDC to any U.S. bank account.”
The move is intended to “close the gap” between crypto and fiat, increase the speed and convenience of transactions by eliminating the need to interact with centralized exchanges.
The developers are sure that the US banking system has fenced itself off from crypto companies, and the new solution is designed to correct this situation. Now firms that earn, receive or send funds in cryptocurrency can pay for various services using USDC.
Utopia Labs does not intend to be limited to one stablecoin from Circle – the company will add support for other assets, as well as various networks.
Among other things, the platform is integrated with the Safe wallet (formerly Gnosis Safe), allowing you to exchange tokens among more than 100 decentralized exchanges.
Utopia Labs raised $23M in Series A funding in 2022. It featured Paradigm, Circle Ventures, and Coinbase Ventures.
Circle previously released the USDC stablecoin on the Arbitrum network.
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