Bitget Wallet adds USD, EUR virtual accounts, converting bank transfers to stablecoins

This feature facilitates the conversion of traditional bank transfers into stablecoins, such as USDT or USDC, within the self-custodial wallet. Each newly established account is provisioned with a unique personal USD or EUR account number.

Incoming transfers can be processed via ACH, Fedwire, SEPA, or SWIFT, and they automatically convert to the respective stablecoin. The press release mentioned also omits any network fee associated with this stablecoin conversion.

This functionality is made possible through a collaboration with Noah, a stablecoin payments provider that also provides Ledger’s cash-to-stablecoin product, offering 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 in subsequent months.

The accounts are targeted toward freelancers paid by entities in the US or EU, as well as families receiving remittances. Deposits are subject to limits: USD deposits are capped at $10,000 per transaction and $20,000 monthly. EUR deposits have limits of €15,000 per transaction and €30,000 monthly.

The FAQ on Bitget Wallet’s website specifies that USD transfers exceeding $5,000 require additional review. Furthermore, the product is explicitly stated not to function as a bank account, as it accepts transfers but offers no cash deposits, cash withdrawals, or other conventional banking services.

While users do not need to reside in the US or Europe, the release noted that they must still reside in a supported jurisdiction and complete identity verification, with some regions receiving only one of the two available currencies.

The release indicated that a $500 ACH deposit incurs approximately $2 in Bitget Wallet fees, contrasting this with a global average remittance cost noted from World Bank data, which is currently 6.36%.

This development signals a deepening integration of traditional finance rails with decentralized protocols, providing institutional and retail market participants with novel on-ramps into self-custodial DeFi environments.

Why it matters

This integration bridges traditional fiat rails directly into self-custodial wallets, a significant step for DeFi accessibility. The ability to seamlessly convert fiat deposits into stablecoins addresses a key friction point for global users accessing crypto assets. Readers should watch how this model compares to other L2-adjacent fiat on-ramps.