USDC Stablecoins Added to Banking Circle Payment Rails

Bank CircleTechnology First, a payment bank, is shifting the dialing of the virtual assets market with groundbreaking new services for banks and payment businesses. Banking Circle provides a solution that eliminates the need for large IT and financial investments by companies wishing to enter the web3 market by adding USDC stablecoins to payment rails for accepting, processing and paying payments. It offers. This is an important step in democratizing global finance.

“Digital assets are likely to be the’levelers’ of the global economy with the potential to remove the friction inherent in traditional currencies,” he said. Mishal Ruparel, Head of Virtual Asset Services, Banking Circle. “Therefore, it is important that banks and payment providers can process certain types of cryptocurrencies in the same way as fiat currencies. Banking circles add stablecoin as their reputation as payment innovators has already been established. Doing is a natural next step.

“We already have a client’s request to pay in cryptocurrencies. They want to do it in a reliable and low risk way. Therefore, convert statutory bills to stablecoin with USDC. Allows financial institutions to easily transfer funds with stablecoin in full regulatory compliance. “

Banking Circle’s choice of asset-backed stablecoin to enter the web3 market reflects its stability against fiat currencies, making it easier for banks and payment providers to settle off the rails of traditional banks. can. The benefits of adjustment, speed, and cost are important.Connections to crypto liquidity providers such as: CoinbaseThe Banking Circle acts as a bridge between your correspondent bank account and Stablecoin, providing faster payments than fiat transactions, with no correspondent bank or network fees.

Banking Circle is committed to providing purpose-built, future-proof payment solutions, added Mishal Ruparel. “Addition to this latest payment rail is an important step in expanding our ultra-correspondent banking network, allowing banks and payment businesses to step beyond the traditional correspondent banking model and expand their offerings.”