Eligible clients of BitGo Bank & Trust can now mint and redeem USDC directly within their Go Accounts under the supervision of the Office of the Comptroller of the Currency. They deposit fiat currency to create new tokens, or send USDC on-chain so that the tokens are permanently destroyed and exchanged for dollars. Orders can be tracked on BitGo’s platform or automated through its API, with average fulfillment times of under 30 minutes for minting and under two hours for redemption, subject to transaction volumes and compliance requirements. BitGo says that accounts for which it retains custody of the keys are covered by $250 million in insurance. The service targets market makers, asset managers, and banks, with the aim of facilitating broader stablecoin adoption in traditional finance.
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