our experience on the Paxos platform just got a lot faster, easier and better. Enable the new Auto-Transfers feature so you can designate a default destination for your stablecoin and cash deposits. Turn it on once, and from then on, your converted funds will hit your external accounts without ever requiring you to login to your Paxos account. This is how it works:
Auto-Transfer USD into Stablecoins
- Log into your Paxos wallet, go to the Deposit flow, and select USD as the asset to deposit. Turn on Auto-Transfer, pick your desired stablecoin (PAX or BUSD) and designate your destination Ethereum address.
- Paxos will provide wire instructions including a custom Transaction Memo/Description.
- From now on, every time you wire money using these instructions, Paxos will automatically turn the USD into PAX/BUSD and send it to your Ethereum address. As soon as the wire is transmitted, you will receive your stablecoins.
Auto-Transfer Stablecoins into USD
Now, USD redemptions are also just as automated.
- Log into your Paxos wallet, go to the Deposit flow and select the stablecoin to deposit. Turn on Auto-Transfer and designate your destination bank account.
- Paxos will provide you with a custom address.
- From now on, every time you deposit stablecoins to that address, Paxos will automatically redeem them into dollars and deposit them into your bank account. Once the stablecoin tokens are received, the wire will be initiated.
Advanced Use Cases
Auto-Transfers are especially helpful if you have weekly, recurring deposits of USD. Maybe you are an active trader who needs stablecoins on a weekly basis. Set up recurring deposits and turn on Auto-Transfer so that PAX or BUSD get to your ethereum address faster than ever. Or maybe you are a merchant that accepts payment in stablecoins. Auto-Transfers get the proceeds to your bank account immediately.
Auto-Transfers save time and reduce friction. Learn more about the feature by reading through our User Guides.