Banking Circle, an EU-regulated payments bank, has announced the integration of the USD Coin (USDC) stablecoin into their payment rail.
According to the business, the stablecoin integration would allow banks and payment providers convert from fiat currencies, which is crucial as the Web3.0 industry expands.
Banking Circle claims that the integration of USDC will help to reduce the required IT infrastructure as well as the capital base for businesses looking to implement digital currency-backed payments. The company believes it is in a position to adequately democratize money for the benefit of 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 on its website that it aims to reduce cross-border transactions from 5 days and 50 Euros to 5 seconds and 50 cents. With today's improvements in the payments sector, USDC appears to be the greatest hope for reaching this goal of speed and cheap cost.
The integration of USDC will also gain more support from European Union fintech firms, given that the stablecoin's issuer, Circle, recently introduced a Euro-backed version of the token. Furthermore, the adoption of the Markets in Crypto Assets (MiCA) legal framework will provide consumers and companies more confidence in integrating and transacting with the stablecoin.
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