In what it calls a “key step in democratising global finance”, Banking Circle has announced it is adding USDC stablecoins to its payment rails for payment acceptance, processing and settlement. The easy to implement solution cuts out the need for significant IT or financial investment for businesses that want to get into the web3 market, according to the bank. Indeed, it has already seen a growth in client demand for paying out in cryptocurrency.

“Digital assets are likely to be the ‘leveller’ for the global economy in years to come with potential to remove the friction that is inherent in conventional currencies”, explained Mishal Ruparel, head of virtual asset services at Banking Circle in a statement. “It’s critical, therefore, that banks and payments providers have the ability to process certain types of cryptocurrencies in the same way they do fiat currencies. With an already established reputation as an innovator in payments, it’s a natural next step for Banking Circle to add stablecoins.”

The reconciliation, speed and cost advantages of Banking Circle’s choice of asset backed stablecoins are significant. With connections into crypto liquidity providers such as Coinbase, Banking Circle will act as a bridge between fiat bank accounts and stablecoins.

“This latest addition to our payment rails is an important step as we grow our super-correspondent banking network,” says Ruparel.