OnePay Enables USDC Dollar Deposits for Select Accounts Across 12 Networks
Key Facts
OnePay said it is allowing select customers in the United States to fund a Checking account with stablecoins, with the value credited to the account in U.S. dollars. The service currently allows customers to send USDC from an external wallet or trading platform to a deposit address in the app. The announcement comes as the company, backed by Walmart, expands its digital financial services. OnePay said the feature is available to eligible customers “starting today,” without specifying when it would be expanded. The service links USDC held outside the app with the use of a dollar balance in a checking account.
The service supports USDC across 12 blockchain networks, including Tempo, Base, Solana and Ethereum, according to OnePay. A transfer begins when a customer sends the currency to the deposit address shown in the app. Bridge receives the currency, conducts the required compliance checks and converts it into dollars. Once the conversion is complete, OnePay credits the amount to the Checking balance. The company describes the process as “crypto in, dollars out,” with the balance available for paying bills, sending money and saving.
OnePay said funds appear within moments in most cases, but it did not provide a standard time for all transfers. A deposit may be delayed depending on the network used and the checks required. The company is not charging transfer fees at launch, according to its announcement, but blockchain network fees may still be payable by the sender. Timing and cost may therefore vary by transfer route. OnePay said the feature is aimed at freelancers and business owners who receive payments in stablecoins and want to use the dollar equivalent in their account.
The service carries risks related to the nature of the currency and the transfer itself. OnePay warns that stablecoins are not bank deposits and are not insured by the FDIC, SIPC or any federal government agency. The dollar amount credited to the account may also be less than the value of the currency sent, and transfers may be irreversible. OnePay says its banking services are provided by Coastal Community Bank or Lead Bank, both FDIC members, while OnePay is a financial technology company and not a bank. This means deposit protection applies to banking services provided by partner banks under their terms, and does not extend to stablecoins themselves.
The launch follows an April 28 announcement by OnePay and Tempo of a partnership targeting stablecoin-funded payments and funding for OnePay bank accounts. The companies said their initial areas of focus include stablecoin payments and instant account funding, while OnePay also announced plans to launch a validator on the Tempo network. The partnership provides a technical backdrop for the company’s expansion into stablecoin deposits, while the product announced now focuses on converting incoming USDC into dollars in a Checking account. At the market level, OnePay said adjusted stablecoin transaction volume reached about $1.79 trillion in June, up 125% year over year. Those figures are for June, and the announcement did not specify the year.
In a regulatory development, the U.S. Office of the Comptroller of the Currency on October 21, 2026, announced a final rule implementing the GENIUS Act for stablecoins, including requirements for permitted issuers and certain custody activities under its supervision. The office said the rule and the law take effect on January 18, 2027. In market trading on November 3, 2026, the S&P 500 rose 0.4% and the Nasdaq gained 0.8%, while the Dow Jones fell 0.4%, according to the Associated Press. The agency did not link the indexes’ performance to OnePay’s announcement. EL7 data also showed Walmart shares closing at $124.86 in the same session.