Banking Circle, a European-Union (EU) fintech startup has announced it has integrated the USDC stablecoin into its payment rails. According to the company, its adoption of USDC, which now has a Euro-backed version, will help in democratizing global finance by connecting traditional banking outfits with the fast-growing digital currency ecosystem.
The startup highlighted a number of benefits that its partners stand to gain by making use of USDC for payment acceptance, processing, and settlement. Banking Circle said USDC offers a much faster settlement and cuts out the need for significant IT or financial investment for businesses that want to get into the web3 market
“Digital assets are likely to be the ‘leveller’ for the global economy in years to come with potential to remove the friction that is inherent in conventional currencies”, explained Mishal Ruparel, Head of Virtual Asset Services, Banking Circle. “It’s critical, therefore, that Banks and Payments providers have the ability to process certain types of cryptocurrencies in the same way they do fiat currencies. With an already established reputation as an innovator in payments, it’s a natural next step for Banking Circle to add stablecoins.
Mishal added that it has a customer base that has a strong demand for the USDC settlements and said the firm will find a way to provide fiat conversions into stablecoins all in a regulatory-compliant manner.
Banking Circle Looking to the Future
It is undoubtedly true that many consider digital currencies to be the future of finance and the adoption of USDC is Banking Circle’s way of tagging along with the future.
“Banking Circle is committed to delivering payments solutions that are fit for purpose and future-proofed”, added Mishal Ruparel. “This latest addition to our payment rails is an important step as we grow our super-correspondent banking network, giving Banks and Payments businesses the ability to step outside the traditional correspondent banking model and extend their offerings.”
The move by Banking Circle also seems to be well-timed seeing that the European Union has recently agreed on a comprehensive framework to guard the crypto ecosystem through the Markets in Crypto Assets (MiCA) regulation passed last week. MiCA has a clearly defined framework for stablecoins, all of which will be guiding the body’s relationship with the world’s second-largest stablecoin.
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