Banking Circle has announced that it will accept USDC payments and convert USDC to fiat currencies. On July 8, Banking Circle, a financial infrastructure provider, announced that it has begun accepting, processing, and settling payments in USDC.
Mishal Ruparel, Head of Virtual Asset Services at Banking Circle, stated that banks must be able to process certain crypto assets as easily as they do fiat currencies.
That is why, by incorporating USDC, Banking Circle took the first step toward crypto inclusion.
“We already have client demand for paying out in cryptocurrency, which they want to do in a way that is trustworthy and lower risk. We will, therefore, provide the facility to convert fiat to stablecoins in USDC, giving financial institutions the ability to send funds in stablecoin easily and with full regulatory compliance.”
Banking Circle, based in Luxembourg, provides its clients with the infrastructure required to provide a variety of financial services. Its network has over 200 clients, including payment behemoths such as Stripe, Paysafe, and Nuvei.
Cryptocurrency payments
The topic of using crypto as a means of payment has piqued the interest of all actors in the crypto space. Since the beginning of 2022, prominent brands, crypto companies, governments, crypto users, and coins have been gravitating toward the topic.
Community
Crypto adoption is increasing on a daily basis. The crypto market cap was $3 trillion prior to the current bear market. The year 2021 became known as the Year of Massive Crypto Expansion.
The younger generation, in particular, has already incorporated cryptocurrency into their daily financial activities. According to a recent study, 40% of people aged 18 to 35 want to use cryptocurrency as a payment method.
Companies
As user and merchant demand increased, both crypto and non-crypto companies began to develop payment solutions.
In May, Mark Zuckerberg’s Meta revealed its intentions to pursue crypto payment systems by filing trademark applications for “MetaPay.”
Around the same time, online payment platform Stripe announced the reintroduction of Bitcoin as a payment option for its services. Soon after, in June, Binance and Triple-A agreed to collaborate on the development of a global crypto payment gateway. Binance Pay’s use will be expanded globally as a result of the new system.
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