We’re excited to announce that Silvergate Exchange Network (SEN) is now supported for US Dollar Coin (USDC) issuance and redemption. SEN delivers real-time USD settlement and is used daily by leading crypto exchanges and traders. Silvergate Bank account holders with SEN can enjoy near instantaneous USDC issuance and redemption via Circle’s USDC web application.
Fast, frictionless and reliable issuance and redemption is one of USDC’s key strengths and differentiators. The combination of SEN and Circle’s USDC service gives USDC unmatched speed as a fiat on and off-ramp between crypto and USD. Additionally, Circle does not charge issuance or redemption fees for USDC, keeping transaction costs low.
Here’s how SEN transfers to Circle’s USDC service work. Our system can detect transaction settlement in under 15 minutes, and automatically initiate the necessary token issuance. At that point, the customer can transfer USDC tokens out to their desired wallet. Considering bank transfer settlement, token issuance, and Ethereum network transaction processing times, SEN customers can move US Dollars in a bank account to USDC tokens in a wallet in under 45 minutes. Similarly, the redemption of USDC tokens to US Dollars in a bank account can be completed in under 15 minutes.
Check out our USDC support center for additional information on how to get started using SEN for USDC issuance and redemptions.
To learn more about USDC and open a Circle USDC account, please click here. If you are not a Silvergate Bank customer, click here to begin the online onboarding process. Mention Circle in the reference section to have your online application expedited.