Thank you for your interest in tokenizing USD or redeeming USDC. This article provides an overview of how you can do this with Circle.
Who is this for?
Circle USDC enables users to tokenize fiat currency into USDC by making a wire transfer to our bank account, and redeem USDC into fiat currency, receiving a USD wire to their bank account. This service is targeted towards people who wish to transact moderate to large quantities of USDC. Please see here for more details on eligibility.
Setting up your account
In order to tokenize and redeem USDC with Circle, we first need to set up your account
- Create your account: provide your name, email address and set up a password
- Verify your phone and email address: provide a phone number and verify it via 2FA, and verify the email address you provided during account creation. This helps us secure your account
- Provide KYC information and verify your identity: Know Your Customer (KYC) requirements require that we gather information from you, and verify that you are who you say you are
- Linking a bank account: in order to tokenize fiat currency into USDC and redeem USDC for fiat currency we will need to know about the bank account you will be using
Using your account
Once your account is set up, you can perform four core actions
- Tokenize USD: wire USD to our bank account to receive a corresponding number of USDC tokens
- Redeem USDC: redeem USDC with us and receive the corresponding USD to your verified bank account
- Transfer out: transfer USDC you hold to any ERC20 compatible Ethereum address
- Transfer in: deposit USDC from an external Ethereum address into your Circle USDC account