Tether-backed Oobit adds crypto-to-bank transfers for local payment networks

The Tether-backed crypto payments app is expanding beyond retail spending with wallet-based off-ramps into domestic banking rails.

Crypto payment provider Oobit has launched crypto-to-bank transfers that settle into bank accounts via local payment rails, expanding its app beyond in-store spending and peer-to-peer (P2P) transfers. 

In an announcement shared with Cointelegraph, Oobit said users could send supported digital assets from self-custody wallets and have funds deposited into bank accounts through networks including the Single Euro Payments Area (SEPA) in Europe, the Automated Clearing House (ACH) in the United States and Mexico’s Sistema de Pagos Electrónicos Interbancarios (SPEI).

Settlement currencies include US dollars, euros, Mexican pesos and Philippine pesos, while supported assets include Bitcoin (BTC), Ether (ETH) and a range of stablecoins such as Tether (USDT), USDC (USDC), EURC and EURR, along with other tokens including XRP (XRP), BNB (BNB), Solana (SOL), Cardano (ADA) and Dogecoin (DOGE).

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