British payments processor BCB Group has announced a partnership with Circle, the issuer of the USD Coin (USDC), under which it will enable the use of the asset for payments, clearing and custody.
BCB Group counts Coinbase, Kraken, Bitstamp and Galaxy Digital among its clients.
Very excited to announce our new partnership with Circle to answer growing institutional demand for USDC stablecoin payments, clearing & custody
Read more: https://t.co/wpWCc0nbx7@circlepay
#USDC #stablecoins— BCB Group (@BCBcrypto) August 6, 2020
The company said the move would help meet growing institutional demand for USDC and reduce risk through efficient and secure payments solutions.
“In light of the growing institutional demand for stablecoins, the appearance of this critically important piece of infrastructure among BCB’s clients will lead to a further influx of funds into the digital asset market,” said Circle CEO Jeremy Allaire.
BCB Group provides payments in more than 20 fiat currencies and cryptocurrencies, and also offers digital asset custody services. Its subsidiary BCB Payments obtained a payment operation license from the UK Financial Conduct Authority (FCA) in January.
USDC is the second-largest stablecoin by market capitalization. Since the start of the year, the figure has almost tripled, reaching $1.09 billion.
Earlier in July, Circle, in partnership with Genesis Global Capital, began to develop DeFi protocols based on USDC.
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