Banking Circle which is European bank focused on cross border payments, is adopting a major U.S. dollar-pegged stablecoin for payment rails.
The firm officially announced the adoption of the USD Coin on its platform as a payment acceptance, processing and settlement method. The new payment feature is enabled as part of Banking Circle’s new service targeting banks and payment providers, allowing them to facilitate payments outside traditional bank rails.
The adoption of USDC by Banking Circle is positioned as a vital step in democratizing global finance as it provides significant reconciliation, speed and cost advantages.
Banking Circle was launched in 2016 with a mission to help payments businesses reach new global markets, avoiding the process burdens of traditional banking. Headquartered in Luxembourg, it operates as a credit institution under the regulations of the Luxembourg Commission for the Financial Sector. The firm also offers services in other European countries such as the United Kingdom, operating under limited supervision of the U.K. Financial Conduct Authority.
