Xapo Bank, a Gibraltar-based financial institution that is friendly to cryptocurrencies, has announced that it will allow customers to deposit and withdraw tether (USDT), the largest stablecoin by market cap, by the end of the month. The bank will not charge any fees for these transactions, according to a statement it shared with CoinDesk. Xapo Bank already offers a similar service for USD Coin (USDC), which it introduced in March and has since received $48 million in USDC deposits and enabled $4.5 million in withdrawals. The bank said that it has observed a strong demand for stablecoin deposits and withdrawals from its members, particularly those based in emerging markets, and that it offers a 4.1% annual interest rate on deposits.

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