ClearBank, a cloud clearing bank headquartered in the UK, has formed a strategic partnership with Circle, the second-largest stablecoin issuer, which is the issuer of the USDC stablecoin by market capitalization.
ClearBank announced on Monday that it has signed a strategic framework agreement with Circle Internet Group's subsidiary to collaborate on multiple stablecoin-related initiatives in the European market.
The partnership aims to expand the use of Circle's USDC and EURC 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 become one of the first European banks to join the Circle Payment Network (CPN), which connects financial institutions and facilitates fast and secure transactions using stablecoins like USDC and EURC.
Through its collaboration with Circle, ClearBank aims to enhance the use of stablecoins issued by Circle, which comply with the EU's Markets in Crypto-Assets Regulation (MiCA).
Circle will become the first global stablecoin issuer to comply with MiCA rules in July 2024, months ahead of the full implementation of MiCA at the end of 2024.
By integrating with Circle's Circle Mint and CPN, ClearBank connects its cloud-native banking platform to Circle's stablecoin settlement network, helping bridge traditional finance and digital finance for faster and cheaper cross-border transactions.
"Joining the Circle Payment Network will be a significant milestone in ClearBank's journey as an innovator in cross-border payments," said ClearBank CEO Mark Fairless, adding that Circle is "redefining the way money moves globally."
The announcement stated that this partnership also lays the groundwork for other strategic initiatives, including stablecoin-based treasury solutions and tokenized asset settlement integration.
The collaboration between Circle and ClearBank comes just weeks after the stablecoin issuer partnered with the German securities market Deutsche Börse. The partnership announced on September 30 aims to list and trade Circle's USDC and EURC on Deutsche Börse's 3DX exchange.
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Original: “ClearBank to become one of the first EU banks to join Circle Payment Network”
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