Odaily Planet Daily News Startup Utopia Labs has launched a product that enables businesses to send USDC to any US bank account. Entities can also send USDC to U.S. dollar accounts, such as those offered by payments company Wise.
According to reports, Utopia's products are built on the Ethereum decentralized custody protocol and asset management platform Safe. Utopia cooperates with Bridge to help developers convert between US dollar currencies (including stable coins) to help them transfer funds. When a user pays USDC through Utopia, an on-chain clearing address will be created and associated with each bank account, and a 0.3% handling fee will be charged for each transaction.
Use cases for the product include sending USDC to venture capital funds for portfolio companies, or on-chain and off-chain income for DeFi projects, and even paying Amazon Web Services (AWS) bills with the cryptocurrency.
Utopia currently uses the Ethereum blockchain, but will soon offer the product on most other blockchains. Utopia is also looking to add support for other stablecoins, including USDT, in the coming weeks. (Blockworks)