Bitget Wallet Brings USD and EUR Virtual Accounts, Converting Traditional Payments to Stablecoins

Bitget Wallet is introducing USD and EUR virtual accounts for over 100 million users, enabling the conversion of traditional bank transfers into stablecoins.

Each new account provides a personal USD or EUR account number. Deposits can be received via ACH, Fedwire, SEPA, or SWIFT, and they automatically convert to USDT or USDC within the self-custodial wallet.

This functionality is made possible through a partnership with Noah, a stablecoin payments provider that also offers Ledger's cash-to-stablecoin product, allowing users access to EUR and USD accounts.

Shah Ramezani, founder and CEO of Noah, stated, "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 add outbound transfers later.

The feature targets freelancers paid by EU or US employers and families receiving remittances, according to the announcement.

For USD deposits, the limits are $10,000 per transaction and a monthly cap of $20,000. EUR deposits are limited to €15,000 per transaction and €30,000 monthly.

The FAQ on Bitget Wallet's website notes that USD transfers exceeding $5,000 are subject to an additional review. The product is explicitly stated not to be a bank account, as it accepts transfers but offers no cash deposits or cash withdrawals.

Regarding costs, a $500 ACH deposit incurs approximately $2 in Bitget Wallet fees. This contrasts with the World Bank's global average remittance cost, which was cited as around 6%, though the World Bank's tracker currently shows the global average at 6.36% of the amount sent.