Xapo Bank in Gibraltar is a crypto-friendly bank that will allow its customers to deposit or withdraw tether, the most valuable stablecoin based on market capitalization, by the month’s end.

The 10-year-old institution said that the transactions would not be charged any fees in a CoinDesk statement. The tether service is similar to the USD Coin (USDC) service that was introduced by the retail-focused bank in March . The bank has said that since the service was launched, it received $48,000,000 in USDC deposits, and allowed $4.5,000,000 in withdrawals.

It said that “Xapo Bank’s members, most of whom are based on emerging markets, have shown a strong interest in the efficiency of stablecoin withdrawals and deposits.”

The bank offers an annual rate of interest on deposits of 4.1%.

Sheldon Reback is the editor.