"Standard Chartered" A currency issuance and redemption service is launched from the Emirates "USDC" digital
Dubai, July 2, 2017 – Standard Chartered announced today the launch of the first integrated service for issuing and redeeming the “USDC” digital currency, which was developed in cooperation with Circle, the currency issuing company listed on the New York Stock Exchange.
This service will be available in its first phase to qualified corporate and institutional clients through Standard Chartered’s operations in the Dubai International Financial Centre, enhancing the UAE’s leading position as a global center for regulated activities in the field of digital assets, and representing the first phase of Standard Chartered’s broader global strategy in the field of stable currencies.
The bank intends to expand this service to additional markets after obtaining regulatory approvals and market readiness.
This launch makes Standard Chartered the first global bank classified as a Global Systemically Important Bank (G-SIB) licensed to provide integrated access to USDC digital currency issuance and redemption services through a unified experience to join and obtain the service, without the need to open direct accounts with Circle.
This service provides institutions with the ability to seamlessly transfer value between traditional and digital financial systems with greater speed and greater transparency, by linking traditional banking services, digital asset infrastructure, and public blockchain networks.
This service supports a range of institutional uses, including settlement on blockchain networks, treasury management, and liquidity management, in addition to providing the necessary infrastructure to support future payments.
By integrating USDC access services directly into the bank’s institutional platform, Standard Chartered will combine banking, asset custody, and digital asset services into an integrated offering, delivered according to the highest standards of risk management, compliance, and governance that characterize leading international financial institutions.
This announcement reflects the growing demand from financial institutions and companies for a regulated stablecoin infrastructure that allows them to use stablecoins in a wide range of financial activities, including payments, treasury management, settlement, liquidity management, and participation in digital asset markets.
Roberto Hornweg, Chief Executive Officer of Corporate and Investment Banking at Standard Chartered, said that digital assets have become an increasingly important component of the global financial infrastructure, and that the current achievement lies in expanding the scope of institutions’ participation in digital asset markets through supervisory frameworks, controls and regulatory supervision that have laid the foundations of trust in global financial markets.
For his part, Cash Razzaqi, Chief Commercial Officer at Circle, said that the company is helping institutions benefit from new opportunities to use the USDC digital currency across payments, settlements and treasury operations, by integrating the regulated stablecoin infrastructure it provides within Standard Chartered’s global banking platform, while maintaining the compliance, governance and risk management standards you expect.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Related
