Kindly note that the supported default deposit $USDC token in the SafePal and Fiat24 Banking gateway is native $USDC token issued on the Arbitrum network.
Fiat24 adopts the web3 operating model and establishes its bank transaction system on the Arbitrum network. Your assets are securely recorded on the blockchain, and all transactions take place within the blockchain network in a transparent and immutable manner.
When you deposit 1 euro into your account, the bank will issue a EUR24 token to your Arbitrum address. The value of EUR24 is pegged to the euro, while USD24 and CHF24 are pegged to the prices of the US dollar and Swiss franc respectively.
Having EUR24, USD24, and CHF24 in your wallet signifies that you possess the equivalent amount of legal currency in your Fiat24 bank account. When you transfer funds from your Fiat24 bank account, the EUR24, USD24, and CHF24 tokens in your wallet will be accordingly debited.
It's important to note that if you transfer EUR24, USD24, and CHF24 to a wallet that is unregistered with Fiat24, these assets will be frozen. Only by transferring the account NFT to this address can the funds be accessed (if you do not have the private key of this wallet, the funds will be lost forever).
If funds are transferred to another wallet linked to a registered Fiat24 account, these funds will become part of that account. Exercise caution to avoid loss of funds by refraining from arbitrary transfers.
