Standard Chartered Partners with Circle to Launch Institutional USDC Minting
Standard Chartered partners with Circle to launch institutional USDC minting and redemption, becoming the first G-SIB bank to offer integrated regulated stablecoin services.
Standard Chartered has partnered with Circle to launch institutional USDC minting and redemption services. The new service enables qualified institutions to use the bank to access USDC. Furthermore, Standard Chartered is the first Global Systemically Important Bank (G-SIB) to provide this integrated service.
Standard Chartered Expands Institutional USDC Services
The service is now offered via Standard Chartered’s presence in the Dubai International Financial Centre (DIFC). USDC can be minted and redeemed by eligible institutional clients in one onboarding process. Therefore, clients do not have to open an account with Circle.
The partnership brings together traditional banking and digital asset infrastructure. It also links public blockchain networks with regulated banking services. This means that institutions can use stablecoin services from a single platform.
Related Reading: Circle Stock Falls 16% as Open USD Challenges USDC
The new service provides several business activities. These encompass on-chain settlement, treasury management, liquidity management, as well as digital asset transactions. Moreover, institutions can transfer money more efficiently with the use of regulated banking services.
Standard Chartered also offers a suite of banking, custody, and digital asset services. Therefore, clients receive multiple services through one relationship. The platform complies with the bank’s risk management, compliance and governance requirements, the bank said.
This is the first step in Standard Chartered’s global stablecoin initiative, Circle said. The bank will also roll it out to other markets. However, future launches will depend on regulatory approvals and market demand.
Growing Demand Drives Regulated Stablecoin Adoption
The first launch was via the bank’s DIFC business in the UAE. Hence, the rollout further solidifies the UAE’s status as a regulated digital asset hub. The digital asset framework is still drawing in banks and blockchain firms to the region.
Meanwhile, demand for regulated stablecoin services is continuing to grow. Financial institutions and large companies are looking into blockchain payments. They also seek quick settlement, treasury management and liquidity solutions.
One of the largest regulated stablecoins in the world is USDC. Circle issues the token and holds the reserves to support it. As a result, many institutions rely on USDC as their payment, settlement, and other financial activities.
The announcement also coincides with the growing digital asset service offerings by traditional banks. BNY recently added USDC custody for its clients, enabling them to hold and transfer the stablecoin. However, Standard Chartered offers a different model.
Instead of asking clients to work directly with Circle, Standard Chartered provides access through its own banking platform. This means that institutions can manage banking and USDC services using a single provider. This can help to streamline operations for some companies.
Overall, the partnership demonstrates the continued involvement of traditional banks in the digital asset sector. Meanwhile, regulated stablecoins are gaining significance in the institutional finance space. As Standard Chartered expands the service into more markets, more institutions may gain easier access to regulated blockchain-based financial services.
The post Standard Chartered Partners with Circle to Launch Institutional USDC Minting appeared first on Live Bitcoin News.
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