Bitget Wallet Brings USD and EUR Virtual Accounts, Converting Traditional Payments to Stablecoins

Bitget Wallet caps USD deposits at $20,000 a month and says the product is not a bank account, with no cash withdrawals. Bitget is now bringing USD and EUR virtual accounts to over 100 million users, converting incoming bank transfers into stablecoins. Each new account comes with a personal USD or EUR account number, according to a press release shared with CryptoPotato. This means deposits can arrive through ACH, Fedwire, SEPA, or SWIFT and convert automatically to USDT or USDC inside the self-custodial wallet. The quote also leaves out a network fee for the stablecoin conversion. This is possible thanks to a partnership with Noah, a stablecoin payments provider that also offers Ledger’s cash-to-stablecoin product, which gives users EUR and USD accounts. Ethena’s Pay app offers similar fiat account numbers tied to self-custodial stablecoin wallets. “For most people, opening a dollar or euro account is close to impossible,” said Shah Ramezani, founder and CEO of Noah. Opening an account is free, and only incoming transfers work for now. Bitget Wallet plans to add outbound transfers in the coming months. Bitget Wallet aims the accounts at freelancers paid by US or EU employers and a...