Do we deal with USD as fiat?
When you deposit USD as fiat from your bank account, the funds are automatically converted to USDC. Therefore, we do not deal with USD as fiat but as USDC.
USDC is an ERC-20 token based on the Ethereum blockchain and operated by Circle, a global fintech company. When you send USD to CoinLoan, the money automatically goes to Circle. Here the funds are converted into USDC at a 1-to-1 ratio and sent back to your CoinLoan Wallet.
Is USDC a high-risk investment?
No. USDC is fully backed by cash and short-duration U.S. Treasuries to stay at a 1:1 ratio for USD permanently. Every month Circle publishes attestation reports regarding the reserve balances backing tokens. It’s important that the clients’ transactions are secure, so Circle guarantees to prevent all possible risks and fraud.
How to deposit USD on CoinLoan via wire transfer?
Note: Currently, the feature is available on the web platform only. It will arrive in the mobile app with subsequent updates.
How to deposit USD on the web platform
First, you need to add your USD bank account to the platform. Please find a detailed guide on how to do that here.
After that, go to Wallet > USD > Deposit or follow this link. Select your bank account in the drop-down menu and enter the USD amount you want to transfer.
USD deposit — Web platform
3. Click Continue. Entering a particular USD amount at this stage does not oblige you to deposit precisely the same sum in the following steps.
4. Initiate a transfer from your bank account.
The transfer details from your bank have to be the same as you see after clicking the Continue button. Otherwise, we won’t find your transfer and process it. Remember that the bank account name must be the same as you have on our platform.
Transfer details — Web platform
Please enter the Reference phrase (CIRXXXXXX CoinLoan OU) precisely in the corresponding field. If you don’t know which field is for the Reference phrase, please consult your bank. If the Reference phrase is missing or indicated in the wrong field, the transfer is rejected and returned to the bank account. Be aware that you might be charged a wire transfer fee in such a case – the sum will be deducted from your transfer amount. CoinLoan does not charge wire transfer fees, but some banks do. That is why contact your bank in advance to learn about its fees and commissions.
Wires sent from the US generally may take 1-3 business days. Wires sent from other countries typically take longer to process.