LUXEMBOURG—A European bank focused on cross-border payments is adopting a major U.S. dollar-pegged stablecoin for payment rails.
Banking Circle has adopted the USD Coin on its platform as a payment acceptance, processing and settlement method, Cointelegraph reported.
The new payment feature is enabled as part of Banking Circle’s new service targeting banks and payment providers, allowing them to facilitate payments outside traditional bank rails, CoinTelegraph explained.
Coinbase, a major cryptocurrency exchange in the United States, will be one of the crypto liquidity providers for Bank Circle, Banking Circle announced.
‘Key Step’
The USDC adoption by Banking Circle is positioned as a “key step in democratizing global finance” as it provides significant “reconciliation, speed and cost advantages,” the firm said.
Mishal Ruparel, head of virtual asset services at Banking Circle, told Cointelegraph that the USDC integration is the bank’s first move into the digital asset market.
“Some of our clients have been serving the crypto space for the past year or two, and we want to support their growth,” he added.