Qredo integrates USDC into its non-custodial wallet
Cryptocurrency custody firm Qredo has integrated Circle’s popular USDC stablecoin into its non-custodial wallet offering. This integration allows users to access and utilize USDC within Qredo’s wallet.
One notable feature of this integration is the removal of gas fees by allowing USDC to serve as the ultimate gas fee token on any blockchain. This means that users can use USDC to pay for transaction fees on various blockchains, making the process more intuitive and user-friendly.
Qredo’s new toolkit includes Circle’s “cross-chain transfer protocol,” which enables the minting, redeeming, and transacting of USDC across multiple blockchain networks. Additionally, the toolkit incorporates software from Etherspot, known for simplifying web3 transactions, and Qredo’s open-source payment rails called QSign.
Per a joint statement, the integration of Circle’s USDC stablecoin with Qredo’s non-custodial wallet architecture addresses many challenges for institutional investors. Firstly, it streamlines the process of moving large sums of fiat capital into the crypto space, making it more efficient and user-friendly.
Additionally, the alliance offers a trusted bridge for conservative institutions to enter the cryptocurrency market. It provides a compliant on-ramp with Qredo ensuring security and insurance for crypto holdings. This one-step transition from fiat to non-custodial solutions is expected to attract institutional capital into the crypto space.
Stablecoins like USDC have faced increased regulatory scrutiny in recent times, driven by incidents like the collapse of terraUSD.
Circle’s token lost its dollar peg in March and slumped to an all-time low of $0.8 per coin after the issuer revealed it had nearly 9 percent of its $40-billion USDC reserves stuck at Silicon Valley Bank. However, the stablecoin then recovered its losses after Circle assured investors it would honor the peg despite exposure to failed bank.
The Boston-based firm said that in the event Silicon Valley Bank does not return 100% of deposits, it will cover any shortfall in the assets backing its stablecoin using corporate resources, involving external capital if necessary. Shortly after, it regained access to the $3.3 billion locked up with the bankrupt lender.
