In brief
- Standard Chartered has become the first Global Systemically Important Bank (G-SIB) to offer institutional clients direct access to mint and redeem USDC.
- The service, launching first through the bank's Dubai (DIFC) operations, targets uses like on-chain settlement, treasury, and liquidity management, with payment features planned later.
- The launch is the first phase of a broader global stablecoin strategy, with Standard Chartered planning to expand to other markets pending regulatory approval.
Standard Chartered announced Wednesday that it has launched a service allowing institutional clients to mint and redeem USDC, the stablecoin issued by Circle Internet Group, directly through the bank rather than opening separate accounts with the crypto firm.
The bank said the launch makes it the first Global Systemically Important Bank licensed to offer institutional clients integrated access to USDC minting and redemption through a single onboarding and service experience, without requiring clients to hold direct accounts with Circle.
The designation places Standard Chartered, one of roughly 30 banks worldwide deemed critical enough to the global financial system to face heightened regulatory scrutiny, at the forefront of banks moving to fold stablecoins into mainstream institutional finance.
The service, developed with Circle, is designed to let institutions move value across traditional and digital financial ecosystems with greater speed and transparency by connecting fiat banking, digital asset infrastructure and public blockchain networks within a single, bank-led solution. Standard Chartered said the offering is aimed at uses including on-chain settlement, treasury operations and liquidity management, with payment applications planned for later.
“Financial institutions are increasingly looking for trusted ways to access stablecoins and participate in blockchain-enabled financial markets,” said Circle Chief Commercial Officer Kash Razzaghi, in a statement. “By integrating Circle‘s regulated stablecoin infrastructure into Standard Chartered’s global banking platform, we are helping institutions access new opportunities to use USDC across payments, settlement and treasury operations while maintaining the compliance, governance, and risk management standards they expect.”
The rollout begins in the bank's Dubai International Financial Center operations, part of what Standard Chartered described as the first phase of a broader global stablecoin strategy it intends to extend to other markets pending regulatory clearance.
The announcement comes as banks worldwide race to build stablecoin infrastructure following a wave of regulatory clarity in major markets—including last years GENIUS Act signing in the U.S.—with traditional lenders increasingly positioning themselves as intermediaries between conventional finance and blockchain-based assets.
Circle (CRCL) stock popped soon after markets opened Thursday, rising to a recent price of $67.75—a more than 9% gain on the day, per data from Yahoo Finance.
CRCL shares fell earlier this week following the announcement of Open USD, a rival, upcoming stablecoin with backing from more than 140 major crypto and financial industry firms—including Circle's close ally, Coinbase. Shares remain down about 33% over the last month amid a broader crypto market swoon.