Can I Exchange my USDC For USD?

Cryptocurrency

November 17, 2023

Written by Xapo Bank

Xapo Bank makes it possible for you to deposit USDC into your account. The USDC is then converted to USD on a 1:1 basis the moment it is received, giving you immediate access to the dollars in your Xapo Bank account.

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Can I exchange my USDC for USD?

Yes, you can.USDC has its value pegged to the US Dollar on a 1:1 basis, which means that 1 USDC will always exchange for 1 USD. However, there are usually transaction charges involved, except if you have a Xapo Bank account.

How do I cash out my USDC?

One of the fastest and cheapest ways to cash out your USDC is with a Xapo Bank account. When you transfer USDC to your Xapo account, it is converted to USD the moment it is received and the USD is immediately available for you to spend or transfer. Xapo offers this service free of charge, which means that for every 1 USDC deposited into your Xapo account, you get your 1 USD in full.

While some crypto exchanges also allow you to exchange your USDC for USD, they typically charge a fee starting at 1% of the value. You would need to first request an exchange of your USDC, then cash out before transferring to your bank account. A process that could take up to 2 working days.

How do I sell my USDC for fiat?

Technically, you do not sell your USDC, but change it back to USD. This is mostly done by first cashing out your USDC and then transferring to your bank account. The entire process could take up to 2 working days and usually involves paying some transaction fees.

However, Xapo Bank makes this process simpler, faster and cheaper. When you deposit USDC into your Xapo account, it is instantly converted to USD and immediately available for you to spend. Also, Xapo does not charge any fees for this service, which means that for every 1 USDC deposited into your Xapo account, you get 1 USD. No delays. No fees. No hassle.

Disclaimer

*Interest on Bitcoin deposits will only be paid on balances of 5 BTC or less. For more information visit our Help Centre.

*The Annual Interest Rate offered on both USD and Bitcoin deposits is variable and may change at any time. Please see our Interest FAQs for more information.

*Interest on both USD and BTC is currently paid in Satoshis. We may instead choose to pay it in any other supported currency or currencies (fiat and/or crypto) from time to time.

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