Standard Chartered has launched a service enabling institutional clients to mint and redeem Circle’s USDC stablecoin through its Dubai International Financial Centre (DIFC) operations. The bank says the service makes it the first Global Systemically Important Bank (G-SIB) to offer integrated USDC access where clients do not need to hold direct accounts with Circle.
Clients can convert between fiat dollars and USDC through their existing Standard Chartered banking relationship, supporting use cases including onchain settlement, treasury management and liquidity operations. The bank plans to expand the service to additional markets subject to regulatory approvals.
The announcement follows a similar move by BNY, which earlier this week said clients of its Digital Asset Custody platform can now hold, transfer, mint and burn USDC. BNY also acts as intermediary for Circle mint and redemption instructions. The distinction Standard Chartered appears to draw is that its clients require no direct Circle relationship at all.
While the two offerings look similar for clients, the underlying mechanics differ, and the Standard Chartered model points toward a broader evolution in how stablecoins could be distributed through traditional banking infrastructure.
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