Alchemy Pay has announced a partnership with the Decentralized USD (USDD) team in another move to bolster its off-ramp services. The partnership, announced on August 8, 2023, will see Alchemy Pay integrate USDD into its Ramp platform, thus allowing its users to convert from their local fiat to USDD seamlessly.
USDD is a decentralized stablecoin managed by the TRON DAO. It set itself apart from other stablecoins by being over-collateralized with a surplus of major cryptocurrencies like Bitcoin, Tron, and USDC. Though not accessible to U.S. users, USDD has gained official recognition as a digital currency in Dominica since October 7, 2022.
According to an official statement from Alchemy Pay, its collaboration with the USDD team “has led to improved usability for both newcomers and seasoned users, making USDD appealing to a broader spectrum of individuals.”
The partnership also entails plans for further integrations that would enable users (excluding those from the U.S.) to purchase the USDD token directly from the USDD website. Alchemy Pay stated that it is committed to offering versatile options, including Visa, Mastercard, popular mobile wallets, and domestic bank transfers to allow its users to buy the stablecoin.
With a global footprint spanning 173 countries and a robust network of 300 payment channels, Alchemy Pay has positioned itself as a key player in the fiat-crypto payment sector. This partnership marks another milestone in a series of strategic collaborations the company has undertaken to enhance its services.
Notably, Alchemy Pay recently joined forces with Checkout.com to integrate on and off-ramp services that allow users to trade cryptocurrencies using Visa and Mastercard.
As part of its broader expansion strategy, Alchemy Pay is eyeing the European and Asian markets, with plans to secure licenses in Hong Kong and the UK in the coming months.
“Alchemy Pay is actively pursuing licenses in Hong Kong and the UK, with anticipated outcomes expected by Q3,” the company stated in its official statement.
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