You can now receive USDC in your Shakepay account as well as send USDC from it. Once the USDC is received in your Shakepay account, it will be automatically converted to USD (1:1) and be displayed in your USD balance. To send USDC, you can do so by initiating a crypto withdrawal from the Send button on the home screen.
How can I send USDC to my external wallet?
Open the Shakepay app and sign in
Click Send on the home screen
Click Send crypto
Paste your USDC receive wallet address
Click the same address which populated under
Click USDC
Input the USDC amount you wish to send from your USD balance.
Click Continue
Click Send.
You will find the transaction hash for your USDC withdrawal in your USD wallet.
How can I deposit USDC in my Shakepay account?
Open the Shakepay app and sign in
Click Add on the home screen
Click Deposit crypto
Click USDC in the selection menu at the bottom
Review the disclaimers carefully and click I understand to proceed with the transaction if you agree
Review the summary confirming that USDC deposits received in Shakepay are automatically converted to USD at a 1:1 rate, then click Got it to continue
Copy your USDC address, or scan the QR code, or use the Share address option
From your sending platform, initiate your transaction using the Ethereum (ETH) network only*.
Once your transaction is received in Shakepay, it will show in your USD balance.
* Important: Only send USDC or ETH to this wallet address and ensure you use the ETH/ERC 20 network. Using any other network or sending any other types of coins or assets will result in permanent loss of funds.
You will find your USDC pending transaction in your US Dollars wallet and once it’s reached sufficient confirmations, it will be credited 1:1 to your US dollars wallet.
Frequent questions and Troubleshooting
Can I receive USDC in Shakepay?
Yes, you can now receive USDC in your Shakepay account. Once the USDC is received, it will automatically be converted to USD and show in your US Dollars balance.
Why do you automatically convert my USDC to US Dollars when receiving it in Shakepay?
At this time, Shakepay doesn’t support holding USDC directly. To make it easy for you to still use USDC with your account, we automatically convert any USDC deposits to USD at a 1:1 rate, so you’ll receive the same dollar amount in your USD balance as the USDC you sent.
Why can’t I hold USDC in Shakepay?
Currently, Shakepay doesn’t offer the ability to hold USDC directly in your account. That said, our team is actively engaged in industry discussions around the future of crypto and stablecoins in Canada. If the situation evolves, we’ll be sure to keep you informed.
Can I send USDC with Shakepay a Friend?
No, currently you can’t send USDC through our Shakepay a friend feature. However, you can send USD to other Shakepay customers using SAF.
Why is it showing an Ethereum address when I want to send my USDC to my USDC wallet?
USDC is a token that runs on the Ethereum (ERC-20) network. Because of this, your Ethereum wallet address is also used for receiving USDC. Even though it looks like an ETH address, it’s correct for USDC as long as you’re sending it over the Ethereum (ERC-20) network. Make sure you’re selecting the Ethereum network when sending, otherwise your funds will be lost.
Do you support USDC sent on a different network than ERC20/Ethereum?
No, sending USDC on a different network such as BEP, Arbitrum or any other network will result in permanent loss of your crypto. We only support the ETH/ERC20 network so ensure you always send your USDC and ETH on that network.
I sent USDC to my ETH wallet in the past, how can I recover it?
If you have sent USDC to your ETH wallet via the ETH/ERC20 network, please contact our support team as they may be able to help you. You can review our FAQ about Unsupported Coins for more information.