Circle and Standard Chartered will be providing USDC to clients.
The big bank is officially providing access to top clients to Circle’s USDC stablecoin as part of its digital asset hub and services. This means that institutional accounts will be able to use stablecoins for international transfers and treasury management.
Zooming out, this is unveiled on the back of the Open Standard OUSD stablecoin announcement that happened only yesterday. Perhaps this is something that has been in the works for some time, although the timing does highlight quite strongly the position Circle currently holds in the market across financial use-cases.
More broadly, this signals that large banks are ready to integrate stablecoins into the operational flows of large clients as long as they approve of the issuer/provider leading the tech stack.
Standard Chartered is also in the process of finalizing its acquisition of Zodia Custody, which it had acquired earlier this year and will be able to make use of Zodia Custody’s EU license.
