* Disclaimer: In this article, the term “Digital dollar” refers exclusively to USD stablecoins and is not legal tender. The yields offered by Bitso+ are made available only in crypto. The purchase and sale of any financial asset involves risks. For more information, see our Risk Disclosure
Bitso provides a 1:1 conversion system from US dollars into stablecoins (USDC, USDP). Using your Bitso account, you can deposit and send dollars using USDC (USD Coin) or USDP (Pax Dollar).
What you need to know
- With Bitso you can convert your Digital dollars (USD stablecoins) in a 1:1 ratio with US dollars without paying any additional fees.
- Deposit a stablecoin and send digital dollars.
- It is possible to earn yields with USD stablecoins through Bitso+, an exclusive rewards program offered by Bitso.
Introduction
The Digital dollar is a product of the crypto universe with several advantages over other digital assets. Its price is directly linked to the price of the US currency in a 1 to 1 ratio. Thus, its characteristic protections are reduced volatility compared to other crypto assets, protection against inflation, and the capacity to carry out transactions, send and receive assets without the intermediation of traditional or government banks.
Digital dollars at Bitso work in a very simple way. Whenever you deposit one of the supported USDC or USDP stablecoins into your Bitso account, you increase the amount of digital dollars in your USD stablecoin balance.
In this post, we will show you how fast and easy this procedure is, and the best part is that it does not incur any cost, so you don’t have to pay any additional fees.
Opening an account at Bitso is quick and simple. You can do it right now! Access our website or download our (available for Android and iOS) and start right now!
But if you’ve already opened and verified your account, just keep reading this guide to learn how to build your Digital dollar wallet.
How Digital dollar works at Bitso
Bitso provides a quick and easy service for converting any currency into Digital dollars (USDC, and USDP). Let’s say that you’d like to convert the equivalent of 2 USD into BTC. First you need to convert the corresponding amount of BTC into one of our supported stablecoins (USDC and USDP). Supposing that you’ve chosen USDP, after this conversion, you’ll be able to transfer 2 dollars in USDP to your balance in USD stablecoins. By the time the transfer is completed, 2 dollars will have been added to your amount in USD stablecoins.
For example, if you send 10 USD to your Bitso wallet, you will see your USD balance increase by 10 USD. After that, if you want to withdraw 5 USD, you can do so using one of the mentioned stablecoins, and your balance will automatically be adjusted.
This conversion takes place immediately, and whenever you want to carry out this type of transaction, it is for free. In addition, you can deposit different stablecoins and trade them on the same market. It is also possible to deposit one type of stablecoin and withdraw a different one. For example, let’s say that you want to deposit dollars in your Bitso account using USDC, but when you withdraw, you prefer to receive the amount in USDP. It is possible with the Bitso account and USD stablecoins. There are several possible combinations. If you have any doubts, just click here and we’ll help you!
But please note that Bitso only accepts deposits through this method for the following stablecoins: USDC (USD Coin) and USDP (Paxos Dollar).
Frequently Asked Questions
1. Does this type of conversion involve any additional cost, commission, conversion rate?
No, there are no conversion fees and there is no additional cost for this service. The conversion is made in a 1 to 1 ratio. So for every 1 dollar in stablecoin (USDC, USDP) that you want to convert in your Bitso account, 1 dollar will be credited.
2. Can I deposit any kind of USD stablecoin at Bitso?
No, you can only deposit the supported stablecoins. To find them, follow the dollar deposit flow for stablecoins. As of September 2022, the list of stablecoins available for conversion on Bitso are USDC, USDP (subject to changes).
3. Will I have sub-balances for each stablecoin I send?
No, your balance will only count as digital dollars. The best way to understand this kind of functionality is by comparing it to the depositing and sending methods for your USD stablecoins balance at Bitso.
4. Are there books to trade using each of the stablecoins in my account?
No, we only have books in USD. However, since we offer a 1:1 conversion for these stablecoins, you will be able to trade these books – with even more liquidity.
5. Is this functionality also valid for TrueUSD (TUSD), another stablecoin available at Bitso?
Currently, Bitso does not offer 1:1 conversions for True USD. These types of conversions are exclusive to USDC and USDP stablecoins.
Is it possible to earn yields with Digital dollars at Bitso?
Yes, definitely! With Bitso+, you can earn yields using your Digital dollars. Just open your Bitso account and convert the amount you want from your balance to Digital dollars in USD stablecoins. From the moment you activate Bitso+ in the app, you start generating yields.
The yield rates for USD stablecoins in Bitso+ are subject to change. For current data, please check our website.
However, your yields will be deposited in your account weekly. It is worth remembering that Bitso+ is also available to anyone who has bitcoin or ether in their wallet, with their respective yield rates.
Activating Bitso+ is very simple!
- Open the Bitso app and select the “Wallet” tab.
- Under your balance, choose “Activate Bitso+” and tap the “Start Earning” button.
- Accept the Terms and Conditions and Risk Policy, and that’s it!
Just confirm that you have a balance in USD stablecoins, BTC and ETH to start generating yields.
Any questions? Please check our Help Center, where you can find additional information about Bitso+ and much more!
What to do now?
Now you know the features offered by Bitso, how to convert, send and receive deposits in Digital dollars, and how to earn yields with Bitso+. Activate Bitso+ in your account and start receiving yields for your crypto automatically.
If you haven’t opened an account at Bitso yet, visit our website or download our app, available for Android and iOS. It’s quick and easy to use!
