Banking Circle Adopts USDC as Currency on its Payment Rails
Godfrey Benjamin Jul 09, 2022 15:30
Banking Circle, an European Union (EU) regulated payments bank has announced that it has integrated the USD Coin (USDC) stablecoin into its payment rail
Banking Circle, an European Union (EU) regulated payments bank has announced that it has integrated the USD Coin (USDC) stablecoin into its payment rail.
According to the startup, the integration of the stablecoin will help facilitate conversion from fiat currencies which is critical for Banks and Payment providers as the Web3.0 market evolves.
Banking Circle said its addition of USDC will help to cut the necessary IT infrastructure as well as the capital base for outfits that want to adopt digital currency-backed payments. The firm believes it is occupying a position whereby it can adequately democratize finance for the benefit of all.
“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.”
Banking Circle said on its website that it wants to cut down cross-border transactions that typically take 5 days and cost 50 Euros to as little as 5 seconds and 50 cents. With the current advances in the payments industry today, USDC comes off as its best bet for achieving this goal of speed and low cost.
The integration of USDC will also receive more patronage from fintech firms in the European Union, considering the fact the stablecoin’s issuer, Circle now has a Euro-backed version of the token which it launched recently. Additionally, the approval of the Markets in Crypto Assets (MiCA) regulatory framework will also grant users and entities more confidence to integrate and transact with the stablecoin across the board.
