Two Big Banks Adopt Circle’s USDC Stablecoin This Week
Standard Chartered has turn out to be the primary Global Systemically Important Bank (G-SIB) to supply institutional purchasers direct entry to USDC minting and redemption, by way of a partnership with issuer Circle introduced on July 2.
Eligible purchasers can convert {dollars} to USDC and again inside their current banking relationship, with no separate Circle accounts required. However, the launch covers Dubai solely, and a rival financial institution rolled out comparable companies three days earlier.
Standard Chartered USDC Access Starts in Dubai
The functionality, developed with Circle, runs by way of the financial institution’s Dubai International Financial Centre (DIFC) operations.
It provides establishments a single onboarding route into USDC, which instructions a $73.2 billion market cap.
Standard Chartered says the service helps on-chain settlement, treasury operations, and liquidity administration, with fee use circumstances deliberate later. Expansion into further markets will depend on regulatory approvals and market readiness.
“Digital property have gotten an more and more vital part of worldwide monetary infrastructure, and institutional purchasers are searching for the identical ranges of belief and governance that underpin conventional markets,” Roberto Hoornweg, CEO of Corporate and Investment Banking at Standard Chartered, stated within the announcement.
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The relationship runs deeper than one launch. Standard Chartered has helped design the Circle Payments Network since April 2025, alongside Santander, Deutsche Bank, and Société Générale.
This week, the financial institution additionally initiated protection of the DeFi lending protocol Morpho.
Rivals are Already Moving on USDC
It is crucial to notice, nevertheless, that Standard Chartered will not be the primary. On June 29, BNY enabled purchasers to mint, redeem, and maintain USDC by way of its Digital Asset Custody platform.
BNY is not any fringe participant. It custodies USDC’s reserves and oversees $59.3 trillion in property beneath custody or administration.
More might observe. BNY says it plans so as to add additional stablecoin issuers over time, whereas Standard Chartered cites rising demand from establishments and firms for regulated stablecoin infrastructure.
Circle, in the meantime, has its personal causes to courtroom financial institution companions. Its inventory fell 15% final week after 140 corporations, together with Visa and Coinbase, backed rival stablecoin Open USD.
Bank distribution fingers USDC deeper institutional rails simply as its enterprise lead comes beneath assault.
Regulation will set the tempo. Circle kept its European listings beneath MiCA whereas Tether’s USDT exited, but Standard Chartered’s world rollout nonetheless awaits approvals market by market.
Whether treasurers route actual settlement flows by way of bank-issued USDC relatively than pilots will decide how shortly the remainder of the G-SIB pack strikes.
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