Bitget Wallet has introduced USD and EUR virtual accounts to its user base of over 100 million, allowing traditional bank transfers to automatically convert into USDT or USDC stablecoins within the self-custodial wallet.
Direct Bank Transfers to Stablecoins
The new service provides each user with a personal USD or EUR account number. Incoming deposits can arrive through traditional payment rails including ACH, Fedwire, SEPA, or SWIFT, converting directly into stablecoins inside the wallet without separate network fees on conversion quotes.
The feature is enabled through a partnership with Noah, a stablecoin payments provider led by founder and CEO Shah Ramezani. Noah also powers Ledger's cash-to-stablecoin product, while Ethena's Pay app offers a similar service connecting fiat account numbers to self-custodial wallets.
Opening an account is free, though the feature currently supports inbound transfers only, with outbound transfer capabilities planned for the coming months. The company targets freelancers earning from US or EU employers as well as families receiving international remittances.
Transfer Limits, Verification, and Fee Structure
According to the product's official FAQ, USD deposits are capped at $10,000 per transaction and $20,000 per month, while EUR deposits are limited to €15,000 per transaction and €30,000 per month. Non-personal USD transfers exceeding $5,000 are subject to additional review.
Users do not need residency in the US or Europe, but must reside in an eligible region and pass identity verification. The FAQ notes that this feature is not a formal bank account and does not offer cash deposits, cash withdrawals, or traditional banking services.
Key transactional details include:
- Fees: A $500 ACH deposit costs approximately $2 in Bitget Wallet fees, combining a fixed fee and a variable percentage. Sending banks may apply separate charges.
- Remittance Comparison: The World Bank reports the latest global average remittance cost at 6.36%.
- Supported Currencies: Certain regions may be restricted to receiving only one of the two offered currencies.
This release reflects how broader industry trends show crypto wallets pivoting to in-app utility, while platforms continuously work to navigate crypto payment challenges and support costs.
Why It Matters
This launch bridges mainstream banking infrastructure with self-custodial crypto assets, allowing users in developing markets to access dollar and euro accounts previously restricted by traditional banking barriers. As Shah Ramezani noted, opening dollar or euro accounts remains nearly impossible for most global residents. By streamlining cross-border payments into stablecoins at lower costs than the global remittance average, non-custodial wallets are actively competing with legacy banking and traditional money transfer services.
