Popular cryptocurrency exchange Coinbase has announced it will now be facilitating international payments using XRP and USDC.
The service, which will be free, was announced by Coinbase on its website on Monday.
The announcement states the service will enable users to send money across borders “virtually using XRP or USDC”.
USDC is a stablecoin created by Circle. A stablecoin is a cryptocurrency that is pegged to the value of fiat currency – so one USDC equals one US dollar.
Stablecoins present an alternative to the current financial system as well as an option to hedge against fiat inflation.
XRP is a cryptocurrency designed by Ripple – the company behind global payment processors such as xRapid.
The exchange has stated there will be no fees required to send or receive XRP or USDC to another Coinbase account.
The service will be available to Coinbase customers in any supported country including India, Mexico, and the Philippines.
The exchange claims the service will be much faster than any currently on offer from standard banking institutions. Bank transfers can take up to one to two business days to be completed, whereas XRP transactions take three to five seconds and USDC transactions take 12 to 17 seconds.
To use the service, all you need is a Coinbase account. You then need to confirm that the recipient can convert XRP or USDC into their local currency.
You will then need to convert the money you wish to send into either XRP or USDC before accessing the XRP or USDC wallet. From there, it is as simple as sending the amount you desire to the relevant wallet address.
The move might help Coinbase restore some faith following criticism from users. Coin Rivet recently covered a movement known as #DeleteCoinbase which gained significant traction.
Interested in reading more Coinbase-related news? Discover how the exchange listed the popular XRP cryptocurrency earlier this year.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.