Standard Chartered, Circle bring USDC minting onto banking rails
Standard Chartered and Circle launch bank-led USDC minting and redemption for institutions, starting in Dubai’s DIFC with planned global expansion.
Standard Chartered and USDC issuer Circle have developed a system that lets institutional clients mint and redeem the USDC stablecoin through a bank-led onboarding process.
Standard Chartered said Thursday it is the first Global Systemically Important Bank (G-SIB) to offer such services for USDC, bringing stablecoin access into the same risk, compliance and governance frameworks used in traditional banking. Clients will be able to mint and redeem the US dollar-backed stablecoin directly through StanChart’s platform instead of opening separate accounts with Circle.
“By embedding USDC access directly within Standard Chartered’s institutional offering, Standard Chartered will bring together banking, custody, and digital asset services within one integrated offering,” the announcement said. The initial rollout will be through the Dubai International Financial Centre (DIFC).
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