Unlocking Substantial Savings: The Case for Using USDC in Remittances
When it comes to sending money back home, the traditional remittance system often comes with high fees and unfavorable exchange rates. However, USD Coin (USDC), a stablecoin pegged to the US dollar, is emerging as an efficient and cost-effective alternative. Let's delve into how USDC can be the key to unlocking substantial savings for those sending remittances.
Traditional Remittance Costs
Consider the scenario where someone wishes to send $250 USD back home using a traditional remittance service. The average cost of sending money internationally through legacy banks and remittance services can be anywhere from 5% to 10% of the transaction value. This means that on a $250 USD remittance, the sender could be losing up to $50 in fees, leaving the recipient with only $200.
Moreover, unfavorable exchange rates often employed by these services can further erode the value of the remittance, meaning that the recipient receives less in their local currency.
The USDC Advantage
Enter USDC, a digital alternative that offers a more favorable solution. USDC transactions incur minimal fees, especially since USDC operates on multiple blockchains with some offering incredibly low gas fees for transactions. In the case of sending $250 USD, the fees are often less than $1, depending on the blockchain used.
Furthermore, USDC remittance transactions are processed at a much faster rate compared to traditional remittance services, which can take days to process a transaction. With USDC, the recipient can receive the funds almost instantly, providing them with timely financial support.
For those involved with remittances, the cost savings offered by USDC are significant. Lower transaction fees and faster processing times make USDC an attractive alternative to traditional remittance services. By leveraging the benefits of USDC, senders can ensure that more of their hard-earned money reaches their loved ones back home. The time has come to embrace the future of remittances and start enjoying the substantial savings offered by USDC.
Access USD and USDC banking rails with Cybrid
By choosing Cybrid, you gain access to the services that facilitate your business's growth and adaptability in the digital realm. Our platform provides end-to-end solutions, from access to money movement and FBO bank accounts linked to crypto on-off ramps, support for Circle USDC, to secure storage options for your digital assets, including both custodial and non-custodial wallets. Moreover, we ensure that your operations remain compliant with the necessary KYC and AML regulations, thereby allowing you to focus solely on building and enhancing your applications.
Our mission at Cybrid is clear - to assist businesses in crafting cutting-edge financial solutions tailored to meet the diverse needs of their clientele. With an array of features at your disposal, such as secure digital asset management, compliance protocols, and scalable infrastructure, you can confidently embark on creating innovative payment apps, trading platforms, and other financial applications that leverage the power and potential of cryptocurrencies like Circle USDC. At Cybrid, we are committed to providing you with the tools and services necessary to navigate the future of finance, ensuring that your business remains at the forefront of innovation and customer satisfaction.