usdctofiat is a website which is powered by ZKP2P which is the first trustless P2P on/offramping bulletin board. "It enables a new buying and selling crypto experience that is fast, cheap and composable with DeFi." Further, they state this about their product:
Currently, the only way to buy and sell crypto is through centralized exchanges or custodians, which are expensive, slow, and require unnecessarily intrusive identity verification.
Using cryptographic proofs of transfer, ZKP2P allows buyers to authenticate that they have transferred the correct value to sellers. Buyers instantly receive their crypto in less than 60 seconds with settlement facilitated by fully noncustodial smart contracts.
I have been thinking about this for at least a couple of years when I first saw P2P services on CEXs. So it's great to see that the DeFi version is finally here!
Usdctofiat is a frontend which uses ZKP2P on the backend and apparently it is very easy to use it. While I haven't used it myself yet the process seems very straightforward. Here is a quick walk through how this would work. The amazing part of this is that it offers many (crypto) banks through which one can use this service. Paypal, Venmo, Revolut... so it shouldn't be hard to use it.
First of course, you have to connect your crypto wallet. After that you can interact with the site.
How buying works: Enter how much you want to spend, pick a seller with a good rate, then pay via your payment app. USDC arrives in your wallet automatically.
These are some of the offers that one gets for $25. Higher orders will obviously be harder to fill. Also, since this is a rather new service the market isn't exactly saturated. But it will grow no doubt if it stays operational since there should be a lot of demand.
How selling works: Lock your USDC in escrow, set your rate, and wait for buyers. When someone pays you via your payment app, the USDC releases to them automatically. You keep the fiat.
If you want to sell your USDC you essentially create an order that buyers can then fill.
Here I would create an order of 100 USDC that would get paid out to a paypal account as USD. A good option is that one can modify the spread and even better, enable the automated rate management. This changes the spread dynamically which increases the chances for the order to get filled.
This honestly feels like a long needed game changer. While it's not useful (yet) for larger amounts, it revolutionizes the dreadful CRYPTO <>FIAT bridge. Finally we have an option to do P2P without KYC and on or off ramp crypto easily. Let me know if you intend to try it!
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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