Standard Chartered and Circle are launching a service that will allow institutional clients to mint and redeem USDC within banking processes. Cointelegraph reported on July 2 that the first location will be the Dubai International Financial Centre (DIFC).
Institutional clients will be able to mint or redeem the dollar-linked stablecoin USDC directly on Standard Chartered’s platform without opening a separate Circle account. Standard Chartered said it is the first among major banks to provide such a USDC service.
Standard Chartered said the service will provide access to stablecoins within traditional bank risk management, compliance and governance frameworks. It plans to integrate access to USDC into its institutional services and provide banking, custody and digital asset services in a unified structure.
The feature will support institutional demand for on-chain payments, treasury and liquidity management. It could also be used as infrastructure that underpins payment-related uses in the future.
The service will initially be offered through Standard Chartered’s operating network within the DIFC. Standard Chartered plans to expand it to other markets depending on regulatory approval and client demand.
Chi-gyu Hwang
delight@d-today.co.kr