Banking Circle is an EU-regulated payments bank that is licensed by the European Union. announced It has also integrated USD Coin (USDC), a stablecoin, into its payment rail.
According to the startup the integration with the stablecoin will facilitate conversion from fiat currencies This is crucial for Banks and Payment Providers as the Web3.0 market develops.
Banking Circle stated that the addition of USDC to its portfolio will reduce the IT infrastructure and capital base required for digital currency-backed payments. According to the firm, it is in a position that can adequately democratize finance in order to benefit 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 stated that it wants to speed up cross-border payments. Currently, they take five days and cost 50 euros. It now takes 5 minutes and costs 50 cents. USDC, with the advancements in the payments industry today makes it the best choice for achieving its goal of speed and low costs.
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. In addition, Approval Markets in Crypto Assets, (MiCA), will give users and entities greater confidence in integrating and transacting with the stablecoin.