Key Takeaways
- Circle has regulatory approval in 46 U.S. states and Europe.
- The FIS handles trillions of dollars in transactions and assets every year.
- Tether (USDT) is considering re-entering the U.S market.
The world’s second-largest stablecoin, Circle’s USDC, has been integrated into the American multinational financial institution, Fidelity National Information Services (FIS), and has become part of its domestic and international payments hub.
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USDC for Banks
Fortune 500 firm FIS has announced that it’ll integrate Circle’s USDC stablecoin into its Money Movement Hub, which offers banks a variety of payment networks.
According to the announcement, the “novel partnership” will provide U.S. financial institutions with access to domestic and cross-border USDC payment rails through Circle’s “regulated affiliates.”
Notably, this is the first FIS product to leverage Circle’s infrastructure, and it hopes to remedy the troubles of older systems like SWIFT, which are slow and costly in comparison to stablecoin transactions on the blockchain.
Circle’s USDC operates across 23 blockchain networks, circulating almost 64 billion tokens.
It’ll be a huge boost for the stablecoin as the FIS handles trillions of dollars in transactions and assets annually, serving thousands of clients across more than 150 countries.
Moving Ahead
The news follows hot on the heels of sweeping regulatory reforms around crypto and stablecoins in the U.S., which just passed the stablecoin-centric GENIUS Act.
As explained by Circle’s Chief Business Officer, Kash Razzaghi, thanks to this bill, the convergence of traditional mainstream financial institutions and stablescoins can bring “faster, more transparent, and economically efficient ways to move money.”
He adds that it’s a way for U.S. institutions to “modernize and stay competitive.”
This has prompted leading stablecoin issuer, Tether (USDT), to reconsider re-entering the U.S. market with a focus on providing for institutional clients.
That said, Tether needs to make more of a push if it wants to become regulatory compliant in the U.S. and Europe, as it continues to concede territory to Circle’s ongoing efforts to secure regulatory approval.
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Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
