Customers interested in tokenizing US Dollars to trade with USDC in Poloniex will need to open an account with the Circle USDC service. However, an existing Circle Pay or Circle Invest account may also be used.
The account registration process can be completed in less than 10 minutes and involves typical requirements such as legal name, date and place of birth, residential address, tax ID, and proof of identity via a government-issued document. Note that the service is currently available for residents of roughly 50 countries (view the full list here).
Once the registration process is complete, customers can proceed to tokenize US Dollars by using the “Tokenize USD” option. They first need to register and verify a bank account with the service (see the list of supported banking countries here). The verification involves successfully completing a first bank wire transfer to the service from a bank account owned by the customer. When a bank account is successfully verified, customers can continue to wire funds to the bank account details provided by the service. Once transfers settle on the Circle side, the service adds the associated USDC to the customer’s balance – note that the time involved in completing a bank wire transfer varies significantly depending on where the funds are being sent from, but it might range from a few hours to a few business days.
When the USD tokenization process is complete, the customer will receive an email stating their USDC tokens are available. Circle charges no fees for the tokenization process (although banks might charge wire transfer and other fees). A Poloniex USDC deposit address can be added to the account by selecting the “Transfer USDC Out” option. Once the deposit address is configured, the USDC tokens can be transferred to Poloniex in a matter of minutes (note the gas cost is paid by the customer via a deduction from the USDC amount being transferred).