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 client facing propositions look similar, the underlying settlement mechanics are likely very different. The Standard Chartered model may point to something more significant for how stablecoin distribution scales globally.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
