With the goal of assisting payments firms in expanding into new countries while avoiding the administrative hassles associated with traditional banking, Banking Circle was established in 2016. Banking Circle functions as a credit institution under the rules of the Luxembourg Commission for the Financial Sector and has its headquarters there. In addition to providing services in the United Kingdom and other European nations, the company also does so while operating under the restricted regulation of the U.K. Financial Conduct Authority.
USDC second most capitalized stablecoin
The Coinbase cryptocurrency exchange and Circle, a blockchain payment company based in the United States and established in October 2013 by Jeremy Allaire and Sean Neville, collaborated to introduce the USDC stablecoin in 2018.
According to the reports and in reference to our previous article – USDC and USDT race USDC happens to be the second largest stable coin in terms of market capitalization which is second only to USDT. It is believed that, USDC has grown by at least 8.27% since May. The valuation of USDC according to latest reports is around $55.9 Billion.
European Bank Circle is adopting USDC to support customers.
In the recent development of news, it is come to people’s notice that, Banking Circle, which is a European bank, primarily focusing on cross border payments is adopting one of the world’s largest stablecoin pegged with USD for payment retails. The firm also went on to announce officially about the developments.
The bank may process payments outside of traditional banking channels thanks to the new payment capability, which is accessible as part of Banking Circle’s new offering targeted at banks and payment providers. One of the crypto liquidity providers for Bank Circle will be Coinbase, a significant cryptocurrency exchange in the United States, according to the reports.
Comments from Mishal Ruparel.
Mishal Ruparel, who is also the head of Virtual Assets services at Banking Circle went on to claim that, Banking Circle thinks for its customers. The customers are already taking heavy participation in the crypto market industry. As an objective to serve the customers and help them grow, the bank went on to adopt USDC, making its first move in the world of digital assets.
He claimed that, Banking Circle went on with USDC as their first digital asset because of its relevance among the customers. He also added that, the bank is also envisaging to add more and more stablecoins that are pegged to USD and made positive statements about the cryptocurrency market.