ClearBank to join Circle Payment Network, expanding access to mica-compliant stableCoins

ClearBank, A crypto-friendly neobank and regulated provider of faster payments in the UK, plans to join the Circle Payment Network (CPN), which connects a cloud-native banking platform with a blockchain-based one to speed up cross-border payments and offer access to regulated stablecoins.

The move follows a new strategic agreement between the UK-based clearing bank and round internet group, the company behind USDC and EURC StableCoins. ClearBank will be one of the first European banks to integrate with CPN, allowing clients to transfer funds worldwide at near break-even speeds while maintaining regulatory transparency, according to a press release.

This is an interesting move as ClearBank is reportedly looking to bring its own StableCoin to the table. However, reading between the lines, Dealing with the wishes of the Bank of England is not an easy lift.

There is a lot going on when it comes to StableCoins for the payment use case. Since the launch of its Circle CPN returned in April of this yearthe firm’s main revenue-sharing partner, Coinbase, has Join the celebration with an advisory offering powered by StableCoin

ClearBank’s collaboration centers on expanding access to Circle Mint, a platform that allows financial institutions to MINT and redeem USDC and EURC. Both tokens are fully reserved and designed to comply with the new European markets in Crypto-Assets regulation (MICA).

ClearBank said it will also explore new use cases with the circle, including StableCoin-based Treasury services and tokenized asset settlements. These developments can make routine financial operations – such as corporate payments or international remittances – faster and cheaper by reducing reliance on legacy banking channels.

Mark Fairless, the CEO of ClearBank, called the collaboration a “milestone” in the company’s efforts to modernize cross-border finance, while Circle’s VP for EMEA Partnerships, Sanja Kon, said the collaboration will expand access to “open, programmable money” in the European financial system.