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A European-based bank, Banking Circle, which specializes in cross-border payments, has announced another development. The bank is integrating the US dollar-pegged stablecoin, USDC, for payment purposes.
Banking Circle Adopts USDC For Payment
The company formally stated on Friday that it would accept USDC for payments on its platform. The latest payment function aims at payment providers and banks.
This would enable them to process payments outside of conventional banking channels. Moreover, the report added that the Coinbase exchange would provide the bank with liquidity services.
Banking Circle’s adoption of the USDC is a critical milestone in democratizing international finance. This is because it offers considerable cost advantages and speed to customers.
According to Banking Circle’s head of digital asset services, Mishal Ruparel, the USDC integration marks the bank’s entry into the crypto market. Ruparel said the bank wants to provide these services for clients interested in crypto.
The bank chose the USDC because it has the “most relevance to its clients.” According to him, the company plans to integrate other asset-backed stablecoins in Q3 2022. He said the firm would introduce more USD pegged stablecoins and other currencies.
According to Ruparel, asset-backed stablecoins will become a popular form of payment in the future. He added that:
“This will allow businesses selling online to collect payments from customers. Also, buyers and sellers can access it from anywhere. Additionally, it greatly reduces the hassle and time involved with overseas transfers.”
Banking Circle Allows International Payments
Meanwhile, Banking Circle was established in 2016 with its headquarters in Luxembourg. The firm’s goal was to assist payments companies in expanding into new areas.
Also, it achieves this while avoiding the administrative hassles associated with conventional banking. Moreover, it functions as a credit firm under the rules of the Luxembourg regulator.
Additionally, it provides banking services in the UK and other European nations. The company also operates under the restricted regulation of the Financial Conduct Authority (FCA).
According to the market cap, USDC is the second-largest stablecoin in the world. It falls only behind the Tether stablecoin, USDT.
Meanwhile, in 2018, the Coinbase crypto exchange and Circle collaborated and launched USDC stablecoin. Circle is a blockchain payment firm in the US established by Sean Neville and Jeremy Allaire in 2013.
Several companies are embracing the crypto industry, and conventional banks are not left. In the past months, several financial institutions have partnered with crypto firms. They have also added support for crypto on their platform.
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