The European Bank spoke about the growing client demand for payments in cryptocurrencies and announced the ability to convert fiat to stablecoins.
Banking Circle, a bank specializing in cross-border payments, has announced that it will begin accepting USD Coin (USDC) pegged to the US dollar for payment. The payment function will target banks and financial service providers to enable them to process payments outside of the traditional banking infrastructure.
Cryptocurrency exchange Coinbase will become one of the providers of cryptocurrency liquidity for Banking Circle. The adoption of USDC is positioned by the bank as a key step in the democratization of global finance.
Mishal Ruparel, head of the bank’s virtual asset service, said that digital assets are likely to become “the equalizer of the global economy in the future.” Therefore, says Ruparel, it is important that banks and payment processors have the ability to process certain types of digital currencies in the same way that they process fiat:
“We already have customer demand for payments in cryptocurrencies. Therefore, we will provide the ability to convert fiat to USDC, giving financial institutions the ability to easily send funds in stablecoins and with full regulatory compliance.”
Circle Internet Financial previously entered into an agreement with New York Community Bank to expand its customer base to include people who cannot access traditional financial services.
Source: Bits
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