Standard Chartered offers direct USDC access as first Global Systemically Important Bank
In brief
- Standard Chartered is first Global Systemically Important Bank offering institutional USDC minting and redemption
- Institutions access USDC without direct Circle accounts
- Initial rollout begins in Dubai International Financial Center
- Service supports on-chain settlement, treasury operations, and liquidity management
- Circle stock rose 9% on announcement despite 33% monthly decline
First GSIB to Integrate Stablecoin Infrastructure
Standard Chartered is one of roughly 30 banks worldwide designated as Global Systemically Important Banks by financial regulators. The new offering positions the lender as the first among this elite cohort to provide institutional clients with direct USDC minting and redemption capabilities. Institutions can now access USDC without requiring clients to hold direct accounts with Circle, simplifying onboarding and operational complexity.
The service is designed to let institutions move value across traditional and digital financial ecosystems by connecting fiat banking, digital asset infrastructure and public blockchain networks. The offering is aimed at uses including on-chain settlement, treasury operations and liquidity management, with payment applications planned for later.
Phased Global Rollout
The rollout begins in Standard Chartered's Dubai International Financial Center operations, marking the initial phase of a broader strategy. Standard Chartered intends to extend the service to other markets pending regulatory clearance.
Financial institutions are increasingly looking for trusted ways to access stablecoins and participate in blockchain-enabled financial markets. By integrating Circle's regulated stablecoin infrastructure into Standard Chartered's global banking platform, we are helping institutions access new opportunities to use USDC across payments, settlement and treasury operations while maintaining the compliance, governance, and risk management standards they expect.
— Kash Razzaghi, Circle Chief Commercial Officer
Circle's Mixed Week
Circle stock rose more than 9% on the day following the announcement, reaching $67.75. The move came after Circle shares fell earlier in the week following the announcement of Open USD, a rival stablecoin backed by more than 140 major crypto and financial industry firms. Shares remain down about 33% over the last month, reflecting broader volatility in the stablecoin competitive landscape.
