On May 6th, Boltz, a non-custodial exchange service, announced the launch of USDC Swaps, a tool that allows users to exchange Bitcoin for USDC, a stablecoin issued by Circle, without handing over funds to an intermediary or completing the Know Your Customer (KYC) process.
Through a publication by
Converting Bitcoin to a stablecoin is not new, but Most of the options currently available work through a centralized exchange. In such cases, users are typically required to create an account, submit personal documents, and temporarily place their funds under the control of a third party while the transaction is processed.
Boltz’s announcement allows users to maintain control of their funds throughout the process. Exchanges are made on a “non-custodial” basis. This means that the platform does not directly hold the user’s money while the exchange is taking place.
The tool used is based on the Cross-Chain Transfer Protocol (CCTP) developed by Circle. This system allows USDC to be moved between different networks without having to rely on “wrapped” versions. It also cannot be connected to an external bridge. This integration allows the tool to work with USDC-compatible networks such as Ethereum, Arbitrum, Base, and Polygon.
Possible uses include: These types of swaps have been found to quickly convert Bitcoin income into digital dollarspayroll, bill settlement, commercial operations of companies that deal with cryptocurrencies but need to use assets tied to the dollar.
According to the company’s announcement, USDC swaps are now available to all boltz.exchange users. According to the company, integration with various SDKs and the Boltz BTCPay plugin will be implemented in the coming weeks.
The announcement comes after it added the ability to convert Bitcoin on the Lightning Network to stablecoin Tether (USDT) through atomic swaps without the need for intermediaries, accounts, or identity verification.
(Tag Translation)Bitcoin (BTC)
