Fintech savings and spending app Eco uses user account balances to deduct US dollars held in Prime Trust. USDC stablecoin and then holding them on Zero Hash, a digital consensus service.
Eco To Convert All Client Funds To USDC Stablecoin By October 24
Eco recently notified users of the planned move in a message, saying that the new terms for the conversion must be accepted by October 24.
Account features will be suspended if users do not accept the terms.
Eco’s USDC trials date back to 2020, when the company is in beta mode and Andy Bromberg takes over the company.
In July of last year, Eco raised $60 million to support the high-yield USDC savings application.
Related Content: USDC Stablecoin Coming to Cosmos (ATOM) Network!
Bromberg said at the time that this funding round was led by private equity firm L Catterton and Activant Capital. Andreessen Horowitz (a16z), Lightspeed Venture Partners, LionTree Partners and Valor Equity Partners also supported this round.
Earlier this month, Binance, the largest global crypto exchange by volume, launched its own stablecoin. Binance USD (BUSD) announced that it would stop access to three stablecoins competing with
Cryptocurrency exchange Binance said it made this move to increase liquidity and capital efficiency on the exchange.
USDT and the rivalry with USDC is getting hotter. For a period, the market value of the two stablecoins was very close to each other. At the time of this writing, USDT’s market value is around $67 billion, while USDC’s market value is around $47 billion.
*Not investment advice.