CMC News

Tether-Backed Oobit Launches Crypto-to-Bank Transfer Service

#Oobit, a crypto payments application backed by Tether, has added crypto-to-bank transfer functionality that routes funds into bank accounts through domestic payment networks, extending the app's capabilities beyond in-store spending and peer-to-peer transfers. The feature connects #self-custody wallets directly to local banking rails without routing users through external off-ramp interfaces.

Supported payment networks include the Single Euro Payments Area (SEPA) in Europe, the Automated Clearing House (ACH) in the United States, and Mexico's SPEI network. The settlement #currencies cover U.S. dollars, euros, Mexican pesos, and Philippine pesos.

Supported digital assets span $BTC, $ETH, $XRP, $SOL, and $ADA, along with stablecoins including $USDT, $USDC, EURC, and EURR, as well as Dogecoin. Before confirming a transaction, users can see the crypto amount leaving their wallet and the fiat equivalent that will arrive in the recipient's bank account.

The transfer infrastructure is powered by Distributed Technologies Research (DTR), which connects Oobit's wallet interface to domestic payment networks. Oobit performs the initial crypto-to-USD conversion, transfers the USD equivalent in $USDT to DTR, and DTR then handles the foreign exchange conversion into local fiat before settling into the recipient bank account. DTR does not hold funds for investment or discretionary purposes.

#DTR recently entered into an agreement to be acquired by Bakkt, a U.S.-listed digital asset platform launched by the Intercontinental Exchange in 2018. Akshay Naheta, DTR founder and CEO of Bakkt, described #infrastructure connecting digital asset platforms with traditional financial systems as "foundational to broader adoption."