Bitget Wallet to Launch USD, Euro Accounts with Automatic Stablecoin Conversion

Bitget Wallet is set to introduce personal U.S. dollar and euro accounts within its self-custody crypto wallet, which will automatically convert incoming funds into stablecoins. The new feature, named "virtual accounts," is expected to be officially released later today, according to a report from Investing.com.

How It Works

The service is powered by the stablecoin payment company Noah and will allow users to receive funds via traditional payment rails, including ACH, Fedwire, SEPA, and SWIFT. Upon deposit, the fiat currency will be automatically converted into either USDT or USDC.

These stablecoin balances can then be utilized for various in-wallet functions, such as card services, payments, transfers, and investment products. According to the report, the accounts will be free to open and will not have any local residency requirements. Initially, the feature will only support incoming deposits, with withdrawal capabilities planned for the coming months.

Market Implications and Target Audience

This move positions Bitget Wallet to serve a growing demand for more efficient cross-border financial services. The company is targeting several key user groups:

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• Cross-border workers employed by U.S. or European companies.
• Individuals in emerging markets receiving remittances.
• Users seeking a direct on-ramp from traditional bank accounts to stablecoins without using a centralized exchange.

By leveraging stablecoins, the service aims to significantly reduce transaction costs. The World Bank reports the global average cost of remittances is approximately 6%. In contrast, Bitget Wallet estimates that a $500 ACH transfer using its new feature would incur a fee of only about $2.

Broader Industry Trend

The launch reflects a wider trend of crypto wallets expanding their services to include bank-like features as the adoption of stablecoins for payments continues to grow. Bitget Wallet, which reports having over 100 million users globally, is positioning itself to bridge the gap between traditional finance and the digital asset economy.