BCB Group Partners With Circle To Offer Stablecoin Payments
- BCB’s partnership with Circle will allow the group to improve its infrastructure for efficient USDC payouts and settlements.
- The partnership was also spurred by a growing demand for dollar-pegged stablecoins.
CEO of BCB Group Oliver von Landsberg-Sadie speaking at the Cross-Border Fintech: Regulation and the Law conference on June 6th, 2019. BCB Group
Digital financial services firm BCB Group has partnered with financial technology firm Circle in order to make its USDC stablecoin available to institutional clients, the company said in a press release on 6 August.
According to the announcement, BCB will integrate with elements of Circle’s crypto finance platform in order to improve the efficiency of payments, clearing and custody for its customers. Thanks to the new partnership, BCB’s institutional clients will gain access to the USDC stablecoin, which was launched by a consortium founded by Circle and Coinbase back in October 2018.
The CEO of BCB Group, Oliver von Landsberg-Sadie, said in a statement:
“As a trusted partner to world-class institutions, we remain committed to delivering industry-leading service, as well as to our shared mission – fostering financial inclusion through technological transformation.”
By using USDC’s secure and efficient payments solutions, BCB’s clients will be able to “mitigate negative risk” exposure, the firm said. Another reason for the Thursday partnership is the growing demand for dollar-pegged stablecoins. According to Jeremy Allaire, The CEO of Circle, USDC could provide “critical” infrastructure for BCB’s clients, seeing as it is one of the fastest growing USD-backed stablecoins.
He said:
“With institutional demand for digital dollar stablecoins growing rapidly around the world, BCB’s introduction of USDC services will provide clients with a critical piece of market infrastructure that is helping drive significant growth in crypto capital markets.”
With a circulation supply of 1.1 billion tokens, USDC is one of the fastest growing stablecoins on the market. Although it still has long ways to go before reaching the most used stablecoin, Tether (USDT), with its circulation supply hovering around 10 billion, USDC is pushing on, proven by the sharp rise in its numbers since late March.
- The digital ID project said Orb Operators received USDC payments as part of the project’s transitional phase after launch, and now that it is nearing its end Worldcoin will be switching to WLD payments.
- Worldcoin warned Orb Operators to check if they can claim rewards in their region as WLD are not available in the United States and “certain other restricted territories”.
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- SVB Financial Group has filed for a Chapter 11 court-supervised reorganization in the U.S. in order to “preserve value”.
- The company stressed it is no longer affiliated with Silicon Valley Bank, the closure of which sent ripples across the crypto industry.
- Despite the events of last week, Circle has been able to clear almost all USDC backlog, and redeemed $3.8 billions USDC between March 13 and March 15.
- The stablecoin issuer also went live with a new transaction banking partner for both domestic and international wires, and expects to bring more capabilities back soon.