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.
“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.