Banking Circle, a European bank working primarily on cross-border payments, is reportedly employing a major U.S. dollar-pegged stablecoin as a payment measure for rails.

Specifically, the company reportedly issued an official announcement on July 9th regarding the employment of the USD Coin (USDC) on its platform, to become a payment, processing and settlement instrument.

The freshly included means of payment has reportedly been finalized within the scope of Banking Circle’s new plan to cater to banks and payment providers, enabling them to support payments beyond the confines of traditional bank rails.

Coinbase, a top-tier cryptocurrency exchange in America, will be among the crypto liquidity providers for Bank Circle, the announcement further read.

The USDC adoption by Banking Circle is positioned as a “key step in democratizing global finance”, since it offers major “reconciliation, speed and cost advantages,” per the company. 

Mishal Ruparel, head of virtual asset services at Banking Circle, additionally shared that the USDC integration will be the bank’s first foray into the space of virtual asset market, with a few of their customers have been working within the crypto sphere for the past year or two, and they wish to provide assistance for their growth. 

USDC has reportedly been selected by the Banking Circle as their pioeering proposition, due to the fact that it possesses the “biggest relevance to our clients at this point,” per Ruparel. 

“We will be adding other USD pegged stablecoins and those for other currencies in the future,” he added, further disclosing that the entity is eyeing a limited number of asset-backed stablecoins in the third quarter of this year.

“This will allow a lot of companies who sell goods, services, or creative content online the ability to sell, collect funds, and receive their earnings almost anywhere. It also removes a lot of the friction and time needed to transfer internationally.”