Oobit Provides Stablecoin To Bank Account Transfers

Oobit has announced direct wallet to bank transfers.

Oobit customers are now able to send stablecoins and crypto payments directly to international bank accounts. The company is supporting major payment rails such as ACH in the U.S., SPEI in Mexico, Pix in Brazil, InstaPay in Philippines, and SEPA in Europe.

CEO of Oobit Amram Adar expressed:

“If crypto cannot reach a bank account in real time, it cannot function as everyday money. This launch removes the correspondent banking dependency and enables stablecoins to operate at internet speed across both digital and traditional systems.”

This implementation allows customers to make international payments across a number of currencies, such as USD, MXN, PHP and EUR directly to the intended recipients from individual custody wallets - limiting the reliance on third-parties and allowing a bigger chunk of the final amount to be received.

Over the last few months, the team has integrated with a number of industry partners, such as Plasma and Phantom Wallet, as well as its services across newer jurisdictions across emerging markets such as in Brazil and the Philippines back in October.

While 50K users were signed pre-launch in Brazil, the capital Sao Paolo turned out to be the biggest adopter. However, stablecoins there for the majority addressed daily spending habits and checkouts, whereas in the Philippines Oobit, it offered stablecoin remittances and underlying USDT acceptance.