When you redeem USDC, we will remove the USDC from circulation and wire the USD to your bank account (we don't currently charge any redemption fees).
Steps
- Go to Redeem USDC
- If you do not have a bank account linked, you will be prompted to add one.
- If you have a bank account linked, but it is not enabled for Redemption, you will be prompted to enable it (see below).
- Select the bank account you wish to withdraw to.
- Enter the amount you wish to redeem to validate that it is under your redemption limit, and click continue. The amount you will receive in your bank account will be the amount you specify (or dollar equivalent) - we don't currently charge any redemption fees.
- Review the summary page, and click Redeem to Bank.
- Verify the transaction via your 2FA mechanism.
Enabling your bank account for Redemption
In order to Redeem USDC for fiat currency, your bank account needs to be enabled. To enable your bank account for redemption, it is first necessary to send us a wire, in order to verify that the bank account is in your name and that you have control of the bank account.
If you have already tokenized fiat currency into USDC, you be able to proceed to redemption. If you have not, and have USDC that you would like to redeem, we require you to tokenize a small amount of fiat currency into USDC by making a wire transfer which we can then verify. This will enable your bank account to redeem USDC.