Tether-backed crypto payments app Oobit is expanding beyond retail spending and peer-to-peer transfers with the launch of crypto-to-bank transfers that settle directly into users’ bank accounts through local payment networks.
The new feature allows users to send digital assets from self-custody wallets and have the funds deposited into bank accounts using domestic rails such as Europe’s Single Euro Payments Area (SEPA), the US Automated Clearing House (ACH), and Mexico’s Sistema de Pagos Electrónicos Interbancarios (SPEI).
Supported settlement currencies include US dollars, euros, Mexican pesos and Philippine pesos. Users can off-ramp major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), as well as stablecoins including Tether (USDT), USDC, EURC and EURR. Additional supported tokens include XRP, BNB, Solana, Cardano and Dogecoin.
According to Oobit, users can see the exact crypto amount leaving their wallet and the fiat equivalent arriving in the recipient’s bank account before confirming the transaction. The company says the process routes payments through local banking rails rather than relying on traditional correspondent banking systems, helping streamline cross-border and domestic settlements.
Unlike many checkout-based crypto off-ramps that redirect customers to third-party providers, Oobit has embedded the entire transfer flow natively within its app. This means users do not need to leave the platform or rely on an external service to complete the conversion and payout.
Growing Competition in Crypto Off-Ramps
Oobit’s rollout comes at a time of intensifying competition in the crypto off-ramp market, as exchanges and fintech firms race to make it easier for users to convert digital assets into fiat and deposit funds into traditional bank accounts.
The company positions itself differently by focusing on self-custody wallets. Rather than requiring users to hold funds on a centralized exchange, Oobit acts as a payments layer that connects onchain assets directly to domestic banking networks.
The infrastructure behind the new feature is powered by Distributed Technologies Research (DTR), which links Oobit’s wallet system to local payment rails. DTR has entered into an agreement to be acquired by Bakkt, a US-listed digital asset platform originally launched by Intercontinental Exchange (ICE) in 2018.
Under the hood, Oobit performs the initial crypto-to-USD conversion. The USD-equivalent value is then transferred in USDT to DTR, which handles foreign exchange conversion into the recipient’s local fiat currency before settlement into the designated bank account. Oobit maintains the user relationship and wallet custody, while DTR facilitates payout execution without holding funds for investment or discretionary purposes.
Fees, Limits and Availability
The service is live in all countries currently supported by DTR, with US dollar transfers limited to domestic US flows.
Minimum transfers range from roughly €10 (about $11.70) to $100 equivalent, depending on the payment corridor. Maximum transaction limits can reach approximately $50,000 equivalent.
Fees include charges from both Oobit and DTR. Oobit applies the greater of a fixed fee — currently around $1 — or 1% of the transaction amount, plus an estimated 0.5% spread on crypto-to-USD conversions. DTR charges either a fixed fee, typically between €0.65 and €2 depending on the currency, or a percentage-based fee ranging from about 0.65% to 1%.
The launch reflects a broader push by banks and fintech firms to integrate blockchain-based assets into regulated payment systems. Major players such as Visa have introduced USDC-based settlement and stablecoin payout solutions, while other crypto platforms continue building APIs and infrastructure to bridge digital assets with traditional finance.
