ClearBank, a cloud-based clearing bank based in the United Kingdom, has formed a strategic partnership with Circle, the issuer of USDC, the second largest stablecoin by market capitalization.
ClearBank has signed a Strategic Framework Agreement with a subsidiary of Circle Internet Group to cooperate with many Regarding StableCoin European market initiatives, the company announced on Monday.
The partnership aims to scale Circle’s access to USDC (USDC) and EURC (Eur) StableCoins through Circle Mint, a service that allows authorized financial institutions and partners to create and redeem tokens directly on the blockchain.
As part of the agreement, ClearBank also plans to be one of the first European banks to join the Circle Payment Network (CPN), which connects financial institutions and uses StableCoins like USDC and EURC to facilitate fast and secure transactions.
Faster and cheaper cross-border transactions
Through its partnership with Circle, ClearBank aims to improve access to Circle’s issued StableCoins, which comply with the EU Regulatory markets of crypto-assets (MICA).
The circle became First Global StableCoin Issuer to comply In MICA rules in July 2024, months before MICA goes into full force in late 2024.
By integrating Circle’s Circle Mint and CPN, ClearBank is connecting its banking banking platform to Circle’s StableCoin Settlement Network, helping to bridge traditional and digital finance for faster and cheaper cross-border transactions.
“Joining the Circle Payment Network will be a significant milestone in ClearBank’s evolution as a cross-border payments innovator,” said ClearBank CEO Mark Fairless, adding that Circle will “redefine how money moves around the world.”
Related: Circle Explores ‘Reversible’ USDC Transactions on Break from Crypto Ethos
The partnership also lays the groundwork for additional strategic initiatives, including StableCoin-based Treasury solutions and tokenized settlement agreements, the announcement said.
Circle’s partnership with ClearBank comes weeks after the StableCoin Issuer partnered with German Securities Marketplace Deutsche Börse. Announced on September 30, the collaboration aims to List and Trade Circle’s USDC and EURC On Deutsche Börse’s 3DX Exchange.
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