Standard Chartered became the first global systemically important bank (G-SIB) to offer USDC stablecoin minting and redemption services through traditional banking infrastructure. The bank announced the launch of a solution developed jointly with Circle, the issuer of USDC, which allows institutional clients to operate with the stablecoin directly from Standard Chartered’s platform, without needing to open separate accounts with Circle.
The service integrates USDC access within the risk, compliance and governance frameworks of conventional banking. Contemplated use cases include onchain settlement, treasury and liquidity management, as well as payments. The initial rollout will take place through the Dubai International Financial Centre (DIFC), with plans to expand to other markets subject to regulatory approval.
Roberto Hoornweg, CEO of Corporate and Investment Banking at Standard Chartered, stated that the goal is to bring traditional banking standards to digital asset markets and meet growing demand for regulated infrastructure.
The partnership also responds to growing competition for control of stablecoin distribution, following Circle CEO Jeremy Allaire’s defense of USDC’s network effects against the advance of new competitors such as Open USD (OUSD).
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