We're excited to announce that Squads users can now off-ramp from stablecoins to fiat using Sphere.
What Is Sphere
Sphere builds financial infrastructure that seamlessly connects crypto and traditional banking systems. With Sphere, Squads users can convert stablecoins to fiat currency with a single transaction.
How It Works
Create a Sphere account and connect your bank account.
Use Sphere to generate a wallet address for that bank account.
Send USDC from your Squad to the generated address.
Funds automatically arrive as cash in your connected bank account.
Additional Benefits For Squads Users
Squads users can streamline this process further by using two Squads features:
Contacts: Save the Sphere address to your Squads Contacts for quick and easy access.
Spending Limits: Streamline the off-ramping process by creating a Spending Limit. For example, you can specify that your CTO can transfer USDC 1,000 per week to the off-ramp address without the standard Squads-required multisig approval.
Sphere Coverage And Fees
Sphere facilitates USD and EUR transfers via Wire, ACH, and SEPA. Transfer times range from instant to 2–3 days, depending on the method used, and a 0.01% conversion fee applies to each transaction.
Sphere supports USD and EUR bank accounts globally, irrespective of the issuing bank's location. This includes multi-currency accounts like Wise or Revolut, as well as foreign-issued USD accounts, such as a USD account held by an Indonesian resident.
Get Started
With Sphere, it's never been easier for Squads users to move between onchain and offchain financials rails. For more information, check out our comprehensive guide on how to use Sphere for efficient on-ramping and off-ramping with Squads.
