Bitget Wallet launches USD, EUR virtual accounts converting bank payments to stablecoins

Each newly established account is furnished with a unique personal account number in either USD or EUR, as detailed in a press release shared with CryptoPotato. This functionality permits deposits to arrive via ACH, Fedwire, SEPA, or SWIFT, subsequently transforming into USDT or USDC within the self-custodial wallet; this conversion process does not include a network fee, according to the quoted material.

This capability is facilitated through a collaboration with Noah, a provider specializing in stablecoin payments, which also offers Ledger's cash-to-stablecoin offering, thereby supplying users with both EUR and USD accounts. Similar fiat account numbers linked to self-custodial stablecoin wallets are also provided by Ethena's Pay application. Shah Ramezani, the founder and CEO of Noah, remarked, "For most people, opening a dollar or euro account is close to impossible." The account opening process is free, and currently, only incoming transfers are supported; Bitget Wallet intends to introduce outgoing transfers in the ensuing months. The release indicated that the intended beneficiaries of these accounts are freelancers receiving payment from employers in the United States or European Union, as well as families receiving remittances.

Regarding transactional limits, the virtual account FAQ on Bitget Wallet's website specifies that USD deposits are restricted to a maximum of $10,000 per transaction and $20,000 monthly. For EUR deposits, the limits are set at €15,000 per transaction and €30,000 per month. Furthermore, any USD transfers exceeding $5,000 are subject to an additional review procedure. The same FAQ explicitly states that this product functions as something other than a bank account, as it accepts transfers but does not permit cash deposits, cash withdrawals, or other typical banking features. The release noted that individuals do not need to reside in the US or Europe to utilize the service, although they must still reside in a supported nation and successfully complete identity verification, with certain regions receiving access to only one of the two available currencies.

Concerning associated costs, the release mentioned that an ACH deposit amounting to $500 incurs approximately $2 in fees from Bitget Wallet, contrasting this with a global average remittance cost of around 6%, referencing data from the World Bank. The World Bank's remittance price tracker currently shows the latest worldwide average at 6.36% of the amount transferred. It should be noted that Bitget Wallet's quoted charges pertain solely to its own obligations, comprising a fixed charge alongside a percentage that varies depending on the transfer method, and the originating bank may impose its own fees. The initial publication of the post concerning Bitget Wallet bringing USD and EUR Virtual Accounts, Converting Traditional Payments to Stablecoins occurred on CryptoPotato.

These developments underscore a growing trend among market participants in seeking regulated, accessible on-ramps for fiat currency interaction within the decentralized finance ecosystem, while institutions and regulators observe the evolving boundaries between traditional banking services and digital asset custody.

Why it matters

This development increases the accessibility of fiat-to-stablecoin on-ramps for global users, which is a key area of regulatory interest. The limitations, such as no cash withdrawals, define the current scope of this financial product within the crypto ecosystem.