Standard Chartered has opened a new service that lets its institutional clients mint and redeem USD Coin (USDC), the stablecoin issued by Circle Internet Group. The bank announced the launch in a press release from Dubai, marking a step into the digital asset infrastructure space.
What the service offers
The capability allows institutional investors to convert between US dollars and USDC directly through Standard Chartered. This means clients can create new USDC tokens by depositing dollars, or redeem USDC for fiat currency, without going through multiple intermediaries. The service is built in partnership with Circle, the company behind the second-largest stablecoin by market capitalization.
Stablecoins like USDC are increasingly used for payments, trading, and as a bridge between traditional finance and blockchain-based systems. By offering minting and redemption directly, Standard Chartered gives its institutional clients a regulated on-ramp and off-ramp for digital dollars. This could reduce friction for large-scale users who need to move in and out of stablecoin positions quickly.
The move also signals that major banks are willing to engage with stablecoin infrastructure, even as regulators worldwide debate how to oversee the sector. Standard Chartered has been active in digital assets through its Zodia Custody and Zodia Markets subsidiaries, but this is a direct integration with a major stablecoin issuer.
The partnership with Circle
Circle, which issues USDC under the oversight of U.S. state regulators, provides the technology and compliance framework for the service. The partnership allows Standard Chartered to offer its clients access to USDC without building the underlying infrastructure from scratch. Circle has been expanding its network of banking partners globally, and this deal adds a major international bank to its roster.
What comes next
The service is now live for Standard Chartered's institutional clients. The bank has not disclosed which specific markets or client segments will have access first, nor has it said whether it plans to expand the offering to other stablecoins or retail customers. For now, the focus is on providing a direct channel for USDC minting and redemption within the bank's existing institutional framework.
