You can now deposit and withdraw USD stablecoins to your Bitso account using a pool of stablecoins of the same coin. When depositing any of these, your deposit will be credited to your USD balance using a 1:1 conversion.
You can use this balance to trade any of Bitso’s USD books!
For example, if you send 10 USDC to your Bitso wallet, you will see your balance increase by 10 USD stablecoin. If you later decide to withdraw 5 USD, you can do so via one of the stablecoins and your destination balance will be updated in a similar way.
This is because Bitso offers a 1:1 conversion for this selection of stablecoins.
What are stablecoins?
Stablecoins are cryptocurrencies with a fixed price that are backed by a real-world asset like the US dollar. Many stablecoins operate on the Ethereum network.
Stablecoins help protect users from cryptocurrency volatility and fluctuations in value. This allows users to save their money via an alternative currency that is not controlled by the government or the bank.
What are some things I can do with this conversion?
The 1:1 conversion allows you to:
- Deposit different stablecoins and trade in the same book;
- Deposit one stablecoin and withdraw a different stablecoin;
- Deposit a stablecoin and withdraw US dollars;
- Any other combination you can think of!
There are no commissions for this 1:1 conversion.
How can I deposit any USD stablecoin on Bitso?
You can deposit only stablecoins that Bitso supports.
You can find them by following the USD per stablecoin deposit flow. The list of stablecoins available for conversion on Bitso is: USDC, USDP and BUSD.
If you send one of these stablecoins to Bitso, you will be credited with the amount you sent in USD stablecoin.
Please click "Introduction of Bitso", if you want to know the details and the company information of Bitso.