How to Send USDC from the Solana network? Read this guide and learn how to withdraw USDC from Phantom wallet to your bank account!
The Phantom wallet is a significant factor in the decentralized Solana ecosystem. Moreover, where the Solana blockchain network is designed to handle transactions fast, Phantom wallet is the place to store your tokens.
With this in mind, the Phantom wallet is one of the available tools on Solana to use. Additionally, Phantom wallet acts as a simple browser extension(Chrome, Brave, or Firefox) and therefore turns your browser into a crypto wallet. To start browsing on the Solana ecosystem Phantom supports you with the following functionalities:
- Non-custodial – Your funds, private keys, and personal data are stored on your device and cannot be accessed by a third party.
- Token swaps – Phantom uses a built-in DEX to safely swap tokens at the best prices
- NFTs and collectibles – Smooth user interface for storing your favorite NFTs
- Ledger support – You can store your private keys offline by simple connecting to a Ledger hardware wallet
- Web3 support – Phantom also functions as a dAPP browser that interacts with the Solana blockchain
- SOL staking – Earn additional SOL on your funds by holding them in your wallet.
Probably you are already using Phantom on a daily basis and are familiar with the functionalities mentioned above. Also, you might have some crypto funds(like USDC) in your wallet and want to cash out USDC from Phantom. In fact, turning crypto into fiat currency is a common issue when dealing with decentralized wallets.
By continue reading this guide you will get all the answers you are looking for regarding Phantom wallet:
- How to withdraw USDC From Phantom Wallet
- Know what to do before making crypto withdrawals
- Best alternatives to transfer and swap crypto for ‘real‘ money
Understanding the Phantom Solana Address
As mentioned earlier, Phantom wallet is supported by the Solana blockchain network and is one of the popular crypto wallets to use there. In other words, tokens or NFTs that are using Phantom are backed by the SPL protocol which can be compared with the Ethereum ERC-20 tokens.
Remember that Phantom can store all kinds of SPL tokens where USDC is just one of them. Each Solana compatible token stored on Phantom can be managed through the Solana network.
On top of that, the Phantom wallet is using a decentralized environment and you(the user) are in full control of all assets.
However, if you want to withdraw your funds through a withdrawal process, can you directly do it?
How To Withdraw USDC From Phantom
Again, when you want to send USDC from Phantom wallet by initiating a withdrawal, you need to send your funds elsewhere.
Particularly, as Phantom is a wallet compatible with the Solana network you need to make sure that the withdrawal happens on this chain. In other words, you need to make sure that the platform you want to use supports the Solana network.
To continue with this guide, I’ll use Binance as a practical example, however, it’s up to you to decide what kind of exchange to use here.
Step 1: Create an Account at a Crypto Exchange(Binance)
First of all, you need to open an account which shouldn’t be a complicated step. On top of that, you can use this link to open a free account at Binance.
Based on daily(24h) trading volumes, Binance is the biggest cryptocurrency exchange in the world. Also, it has millions of cryptocurrency traders using its platform on a daily basis. Besides trading, Binance offers several other feature-rich products, including custodian wallets, crypto margin trading, lending service, and earning rewards with staking.
Remember that crypto exchanges use custodian wallets for holding crypto and are subject to attack by hackers all the time. As a result, security is a top priority for them and withdrawing to a bank account requires you to verify(KYC).
In short, an account verification(KYC) process consists of the following:
- Upload official documents(passport, identity card, driving license, or else)
- Take pictures of both sides of the document
- Make a selfie
Step 2: Send Funds From Phantom Wallet
After you have finished the sign-up process at Binance it’s time to use your newly created profile in order to withdraw money.
The plan you might have is to swap USDC for the money you need to send your USDC funds from Phantom to Binance here. How to do this? Below are the necessary steps for Binance:
- In Binance go to ‘Wallet‘
- On top on the right click ‘Deposit‘
- Tap ‘Coin textbox’ and enter USDC in the pop-up
- Tap ‘USDC’ coin and choose ‘SOL Solana’ as the network
- Finally, copy USDC address to clipboard
Next, go back to your Phantom wallet, enter your password to log in, and find your USDC funds.
Consequently, in order to transfer, click on ‘Send‘. Now tap on your USDC funds and paste the Binance USDC address from the clipboard into the USDC Phantom recipient address.
Finalize the withdrawal of USDC funds from Phantom by giving the amount of USDC and approve the transaction.
Step 3: Receive USDC on Centralized Exchange
As the Solana blockchain processes transactions very fast it’s just a matter of seconds waiting before funds arrive in the Binance account. Just make sure that you have received the funds by going to your USDC wallet on Binance.
On top of that, Binance will send you a notification message when the USDC funds have reached their platform.
At this point, the withdrawal process for USDC from Phantom to Binance has been finished. A very logical next step would be to trade your USDC for crypto or fiat money.
Step 4: Trade USDC on Binance[Optional]
For cashing out USDC for money you need to fulfill some extra steps on Binance first. USDC doesn’t have a fiat trading pair on Binance. As a result, you need to perform two trades on the trading engine. The first trade would be to sell USDC for BTC(Buy Bitcoin) and then sell BTC for fiat currency(USD, EUR, or any other).
Popular BTC trading pairs
If you need another currency to transfer your funds to a bank account you should find the proper trading pair first. The next step will be to use the Binance P2P portal to find a party that will buy your Bitcoin in your local currency. More information on how to use Binance P2P portal here.
Selling funds on Binance is a very smooth exercise because of the high volume of order books. Therefore, after finalizing your order your funds(money) will be available in your account for transfer straightaway.
Step 5: Withdraw the Money On Binance[Optional]
The withdrawal method fully depends on your situation as a customer of Binance. Additionally, if you already have a bank account connected to Binance then you can transfer money to it right away.
For instance, if you are living in the European Union Area you can withdraw EURO instantly. However, to accomplish this an additional verification step is required.
In general, to withdraw money from Binance to your bank account go to ‘Fiat and Spot Wallet‘ first. Then click ‘Withdraw‘ and from here you can start the process. If you have further questions you can also try to contact Binance support here.
And this is how you withdraw USDC from Phantom wallet! Enjoy your profits and don’t forget to share this guide if it was helpful 😄
Recommended: The Best 7 USDC wallets for 2023 and beyond
How to Withdraw USDC From Phantom Wallet – FAQ
Can You Directly Withdraw Money from Phantom Wallet?
Unfortunately, there isn’t a direct way to transfer your funds from Phantom to an external bank account. The main reason for this is that Phantom is connected to smart contracts and runs autonomously. At the moment, banks can’t deal with decentralized technology or non-custodial wallets.
As a result, it’s necessary to send your funds from Phantom to a major cryptocurrency exchange to cash out from crypto. In other words, ‘to get money out of my Phantom wallet’ you need a centralized crypto exchange like Binance.
Can I Send USDC From Phantom Wallet to Coinbase?
Sure, it’s also possible to use Coinbase for USDC withdrawals from Phantom. Coinbase is one of the biggest exchanges in the world and also supports the Solana network. The withdrawal process is very similar to that mentioned above just make sure that you use the Solana network!
Can you Cash out USDC?
As explained in this guide there is no direct way to cash out USDC for money. USDC is a stablecoin that can be used on many different blockchain networks. If you want to cash out USDC you need a third-party exchange like Binance or Coinbase.
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