Standard Chartered Dips Into Stablecoins In Singapore With New Partnership
Major international financial institution Standard Chartered has introduced a partnership with DCS to offer stablecoin settlements to DeCard customers.
Standard Chartered Has Partnered Up With DCS On Stablecoins
As revealed in a press launch, Standard Chartered is collaborating with DCS Card Center because the banking accomplice for DeCard, a bank card that permits customers to make stablecoin transactions.
DCS Card Center, previously often called Diners Club Singapore, is a worldwide funds supplier located in Singapore. It backs the DeCard bank card, described as “a next-gen card model constructed for seamless stablecoin spending in the true world.”
The firm is now turning to Standard Chartered’s infrastructure to assist DeCard’s rising userbase. Headquartered within the UK, Standard Chartered is a significant international banking establishment working in 54 markets, together with Singapore.
The financial institution has been making strides within the digital asset sector not too long ago. In July, the establishment grew to become the first of its stature to launch spot Bitcoin and Ethereum buying and selling desks for institutional traders. Last month, it additionally partnered up with cryptocurrency change OKX within the European Economic Area (EEA).
The collaboration with DCS isn’t Standard Chartered’s first foray into stablecoins, both, because the financial institution shaped a joint venture with Animoca Brands and Hong Kong Telecom again in August to use for a stablecoin issuer license in Hong Kong.
Stablecoins, digital property pegged to a fiat forex, have more and more been changing into in style around the globe, as they provide a sooner and extra clear various to conventional transactions.
In the partnership with DCS, Standard Chartered will present banking and monetary companies to DeCard throughout a variety of domains, together with fiat and stablecoin settlements.
Dhiraj Bajaj, the financial institution’s Global Head of TB FI Sales, stated:
This partnership is according to our continued efforts to supply banking options for progressive Fintech companions and is central to our technique of supporting purchasers in navigating the evolving digital property area.
According to the press launch, Standard Chartered’s API infrastructure can even permit DCS to hyperlink digital accounts to DeCard holders, making it attainable for instant identification and transaction reconciliation throughout a number of channels.
Currently, Standard Chartered and DCS are rolling out the collaboration solely in Singapore, however enlargement in different key markets is deliberate. It’s unknown, nevertheless, which markets precisely the service will make its strategy to subsequent.
While stablecoins have been gaining extra adoption, development of their market cap is beginning to settle down, as CryptoQuant group analyst Maartunn has identified in an X post.
From the above chart, it’s seen that the 60-day change available in the market cap of USDT, the biggest of the fiat-tied cryptocurrencies, was witnessing sharp development earlier within the yr, however not too long ago, it has proven a turnaround. “After months of development, complete stablecoin market cap is now trending downward—a possible sign of cooling liquidity,” famous Maartunn.
Bitcoin Price
At the time of writing, Bitcoin is floating round $104,000, down 1% over the past 24 hours.
