Standard Chartered launches institutional USDC minting and redemption service with Circle
The Dubai launch gives institutional clients bank-based access to USDC creation and cash conversion, marking what the bank said is a first for a G-SIB as broader rollout depends on regulation.
Standard Chartered has partnered with Circle to let eligible institutional clients mint and redeem USDC through the bank from its Dubai International Financial Centre operations, removing the need for separate Circle accounts and giving clients a single onboarding process. The bank said the launch makes it the first global systemically important bank to offer such a service. The service is aimed at institutional use cases such as on-chain settlement, treasury operations and liquidity management, with payment functionality planned later. Standard Chartered said the Dubai rollout is the first stage of a broader global expansion, though any wider launch will depend on regulatory approvals and market readiness. The move adds regulated bank distribution to USDC as banks and payment firms deepen their stablecoin strategies and Circle seeks broader institutional reach.
- minting and redemption: The process of issuing stablecoins in exchange for fiat currency and converting them back into cash.
- on-chain settlement: The completion of transactions directly on a blockchain network rather than through traditional payment systems.
- global systemically important bank: A bank designated by regulators as important to the stability of the global financial system.