Standard Chartered Becomes First Systemically Important Bank to Enable Direct USDC Minting
The bank said the service will support settlement, treasury and liquidity management as it expands USDC access through its existing compliance framework.
- On Thursday, Standard Chartered became the first Global Systemically Important Bank to offer institutional clients direct USDC minting and redemption services, integrating stablecoin access into traditional banking compliance and governance frameworks.
- The service allows clients to convert dollars into USDC and back while staying within Standard Chartered's existing risk and compliance frameworks, eliminating the need for separate accounts with issuer Circle.
- While BNY recently expanded its Digital Asset Custody platform to include USDC, Standard Chartered's distinction is specific to the roughly 30 banks worldwide classified as Global Systemically Important Banks, a designation carrying heightened regulatory scrutiny.
- Initial rollout through the Dubai International Financial Centre supports on-chain settlement, treasury, and liquidity management, with Standard Chartered planning expansion to other markets subject to regulatory approval and client demand.
- This launch occurs as Circle faces increased competition over liquidity and distribution; Circle CEO Jeremy Allaire recently defended USDC's network effects against new entrants like Open USD, noting USDC carries about $73 billion in market cap.
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Standard Chartered Becomes First Systemically Important Bank to Enable Direct USDC Minting
Standard Chartered announced it has become the first Global Systemically Important Bank licensed to let institutional clients mint and redeem USDC directly through the bank, without opening a separate account with issuer Circle. The capability, developed with Circle, gives eligible clients a single onboarding process to convert dollars into USDC and back while staying inside the bank’s existing risk, compliance, and governance framework. It laun…
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Standard Chartered Brings USDC Minting Directly to Institutional Banking Clients
Standard Chartered just did something no global systemically important bank has done before. On July 2, the bank said institutional… Read the original on Standard Chartered Brings USDC Minting Directly to Institutional Banking Clients. For more crypto news and analysis, visit TheCurrencyAnalytics.com.
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