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Xapo Bank to Enable Tether Deposits, Withdrawals

Earlier this year, the crypto-friendly bank introduced support for USDC.

By Lyllah Ledesma
AccessTimeIconMay 9, 2023 at 2:40 p.m. UTC
Updated May 9, 2023 at 4:05 p.m. UTC
Gibraltar (lutz/Pixabay)
Gibraltar (lutz/Pixabay)
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Xapo Bank, a crypto-friendly institution based in Gibraltar, will allow customers to deposit and withdraw tether (USDT), the largest stablecoin by market cap, by the end of the month.

The transactions will not incur fees, the 10-year-old bank said in a statement shared with CoinDesk. The tether service will join a similar one for USD Coin (USDC), which the retail-focused bank introduced in March. Since that started, it has received $48 million in USDC deposits and enabled $4.5 million in withdrawals, bank said.

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    • “Xapo Bank has seen a strong appetite for the efficiency of stablecoin deposits and withdrawals from its members, many of whom are based in emerging markets,” it said.

    The bank said it offers a 4.1% annual interest rate on deposits.

    Edited by Sheldon Reback.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Lyllah Ledesma
    Lyllah Ledesma

    Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

    Follow @LedesmaLyllah on Twitter

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