BCB Group Teams With Circle to Offer EU Institutions USDC Stablecoin Settlement

BCB Group will integrate with Circle's platform in a bid to make the USDC stablecoin more widely available.

AccessTimeIconAug 7, 2020 at 10:16 a.m. UTC
Updated Sep 14, 2021 at 9:41 a.m. UTC

BCB Group – a firm that provides financial services for cryptocurrency firms in the U.K. and European Union – has inked a deal to integrate with Circle's platform to make the USDC stablecoin available to institutional clients.

  • Announced Thursday, the partnership will see BCB add elements of Circle's crypto finance platform in an attempt to improve the efficiency of payments, clearing and custody for business customers.
  • The move means BCB's clients will gain access to USDC, the U.S. dollar-linked stablecoin launched by the CENTRE Consortium, which was founded by Circle and Coinbase in October 2018.
  • USDC can help EU-based companies "mitigate negative risk" exposure by providing secure and efficient payments solutions, BCB said in a statement.
  • According to Circle's co-founder and CEO, Jeremy Allaire, demand for dollar-pegged stablecoins is quickly growing and USDC would provide "critical" infrastructure for BCB's clients.
  • USDC moved close to 1.1 billion coins in circulation in July 2020, according to CoinMarketCap, with numbers having sharply risen since late March.
  • It still has a way to go to catch up on the most used stablecoin, tether (USDT), which now boasts a circulating supply close to 10 billion.
  • Circle recently teamed with Genesis Trading in a $25 million deal also aimed at boosting adoption of USDC. Like CoinDesk, Genesis is a fully owned Digital Currency Group subsidiary.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities

As Three Arrows Capital collapsed under market pressure, its much-lesser known trading desk, TPS Capital, remained active, sources say. But a complex ownership structure might frustrate creditors' efforts to collect.

CoinDesk - Unknown
2
CoinDesk - Unknown
June Was Bitcoin’s Worst Month Ever

Plus, European crypto regulation comes into view.

CoinDesk - Unknown
3
CoinDesk - Unknown
What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years

Poor macroeconomic sentiment, fears of inflation and systemic risks from the crypto market pushed the cryptocurrency below 2017’s highs.

CoinDesk - Unknown
4
CoinDesk - Unknown
Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding

A British Virgin Islands court ordered Three Arrows' BVI branch into liquidation earlier this week.

CoinDesk - Unknown