Banking Circle, a European regulated firm specializing in cross-border payments, has adopted a U.S. dollar-pegged stablecoin. The firm officially announced Friday that the USD coin (USD) would be accepted and settled for payments on its platform. The new payment abilities, which are available as part of Banking Circle’s new service aimed at banks and payment providers, enable them to process payments outside conventional banking channels. Banking Circle to put #USDC #stablecoins onto its payment rails, giving Banks and Payments providers the ability to facilitate payments outside traditional bank rails. Read more here: https://t.co/Gm47hgRBH8#crypto #web3 pic.twitter.com/nBLFwUEnKM — Banking Circle (@BankingCircle) July 8, 2022 Coinbase One of the Crypto Liquidity Providers for Bank Circle According to the release, one of the crypto liquidity providers for Bank Circle will be Coinbase, a major cryptocurrency exchange in the United States. Banking Circle’s adoption of the USDC is seen as a key milestone in democratizing global finance since it offers considerable “reconciliation, speed, and cost advantages,” the company claimed. Mishal Ruparel, head of virtual asset services at Banking Circle, stated that Banking Circle chose USDC as their initial offering because it had “the largest relevance to their clients.” According to him, the company plans to launch a small number of asset-backed stablecoins in Q3 2022. He added, “We wi...
