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FollowingCircle expands Mint service to support direct local USDC deposits and withdrawals in eight currencies
Circle has expanded its Circle Mint service to support direct USDC deposits and withdrawals in eight local currencies. The company said in an announcement on August 18 that foreign exchange is done internally in Mint and there is no need to conduct separate currency conversions or pre-recharge other accounts. In addition to the U.S. dollar and euro, Circle also lists the Brazilian real, British pound, Hong Kong dollar, Mexican peso, offshore RMB and Singapore dollar as local currencies available to eligible Mint account holders.
Process Description
Circle states that customers can activate cross-currency conversion, associate a local currency bank account, and register the account for the currency they intend to trade. The company describes each transaction as a quote, transaction and settlement process, and USDC will deposit the Mint balance after the redemption is completed. Circle said that in supported regions, settlements occur almost 24 hours a day over the local payment network. Availability still depends on jurisdiction and account qualifications, and the company noted that some account registration steps need to be completed offline.
Not a retail bank account
The update is open to businesses and eligible Mint customers, including payment service providers, financial institutions and financial technology companies. Circle made it clear that Circle Mint is not a bank account and that funds are not protected by FDIC, SIPC or similar government insurance. This announcement is a product update for Circle and does not mean that all currencies, regions or users have the same access rights, so organizations need to verify Mint qualifications and local requirements before relying on the new channel.
