Standard Chartered Unlocks Institutional USDC Access in DIFC, Marking a Banking Industry First

Key Takeaways:

• Standard Chartered institutionalised the minting and redemption of its odd units of USDC with Circle.
• When a client chooses to access USDC, they don’t have to open an account on Circle.
• Launching in DIFC and addressing settlement, treasury and liquidity use cases.

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    Follow us on Google NewsNow, Standard Chartered partners with Circle to offer institutional USDC minting and redemption services, making it another giant step into the crypto space. The launch marks the first time that a bank becomes a G-SIB to provide fully integrated access to USDC via a regulated banking relationship.

Read More: Circle Backs UN With Stablecoins to Fix $38B Aid System, Cutting Costs by Up to 20%

Table of Contents

• Standard Chartered Brings USDC Into Traditional Banking
• A Simpler Path for Institutional Stablecoin Adoption
  • Dubai Strengthens Its Position as a Digital Asset Hub
  • Circle Expands Institutional Reach for USDC

Standard Chartered Brings USDC Into Traditional Banking

The new service will allow eligible institutional clients with no account at Circle to mint and burn USDC directly through Standard Chartered’s bank platform.

It will be available on the bank’s platforms in the Dubai International Financial Centre (DIFC) initially and fiat banking, blockchain infrastructure, and digital asset services will be brought to one onboarding experience. Institutions can easily switch between traditional financial systems and regulated banking environments and public blockchain networks.

The capability can be used for various enterprise applications, such as establishing on-chain settlement, treasury operations, etc., said Standard Chartered. The bank will look to bring the service further to other jurisdictions, when the regulation allows.

## A Simpler Path for Institutional Stablecoin Adoption

Standard Chartered avoids that operational challenge by integrating the USDC service into its own institutional banking platform, as opposed to having to forge new relationships with crypto-native enterprises.

It enables fiat and digital assets to be managed via a single banking partner for corporate treasuries, asset managers, financial institutions and other eligible clients. The delivery of banking services, custody capabilities, compliance, governance and digital asset infrastructure is achieved with a common institutional structure.

Circle projects that demand for regulated stablecoin infrastructure is growing, with financial institutions increasingly looking to blockchain-based cash management and faster settlement, as well as transparent transfer of stablecoin across borders.

Read More: Open USD Launches With 140+ Giants, Challenging USDC With Zero-Fee Stablecoin Model

Dubai Strengthens Its Position as a Digital Asset Hub

The DIFC’s inaugural launch of the service underscores the UAE’s emergence as a key player in the regulated digital asset industry. It is also a sign of Standard Chartered’s digital asset approach. It has been steadily growing its blockchain programs by adding custody services, tokenisation programs and infrastructure for stablecoins, making it one of the most active banks in the world to join digital assets.

Circle Expands Institutional Reach for USDC

Circle gets a new major new channel for USDC, the second largest dollar backed stablecoin in the world, and USDC adds a major new partner to the list of dollar based stablecoins. USDC is no longer exclusively linked to crypto exchanges or fintech platforms, but is now also being offered by money-lenders.