Global Banks Accelerate USDC Integration for Digital-Asset Settlement
Traditional financial institutions were once cautious about cryptocurrencies, but rapid growth in digital-asset markets has made stablecoins a vital bridge between conventional finance and blockchain networks. Major banks are no longer debating whether stablecoins belong in the financial system. Instead, they are considering how to integrate them into existing settlement infrastructure. The shift could lower cross-border payment costs, speed up transactions and help traditional banks avoid being marginalized in a future tokenized financial system.
BNY announced a partnership with Circle to support USDC on June 29, 2026. Standard Chartered then became the first global systemically important bank to offer USDC minting and redemption services in Dubai on July 2. Zodia Markets, a platform affiliated with the group, minted $4 billion in USDC in 2024. European financial institutions are also actively developing euro-denominated stablecoins to retain a leading role in tokenized finance.
All Coverage
2 original reportsThe Backstory
The history behind this eventStandard Chartered, Circle Launch Institutional USDC Minting and Redemption Service
USDC is a Circle-issued stablecoin designed to maintain a 1:1 peg to the U.S. dollar. It is widely used for on-chain settlement, treasury operations and liquidity management. As a global systemically important bank, Standard Chartered’s integration of USDC into its existing compliance, risk management and governance framework could lower barriers for institutions entering the digital asset market.
Standard Chartered and Circle announced an institutional USDC minting and redemption service on July 2, 2026, starting in the Dubai International Financial Centre. Eligible clients will be able to complete bank-led due diligence and transactions through Standard Chartered’s platform without opening a separate Circle account. The companies have not disclosed a minimum transaction size, fees or a formal launch date, while further expansion will depend on regulatory approvals and market demand.
BNY Expands Institutional Stablecoin Services With Circle USDC Custody
Stablecoins are evolving from cryptocurrency trading tools into instruments for institutional payments, settlement and treasury management. BNY, the world’s largest custodian bank, oversees $59.3 trillion in assets under custody and/or administration and serves more than 90% of the Fortune 100. Circle’s USDC has more than $73.8 billion in circulation and is the world’s second-largest stablecoin, making the partnership an important step in connecting traditional finance with onchain dollars.
BNY said on June 29, 2026, that it would add USDC to its Digital Asset Custody platform as the platform’s first stablecoin. Institutional clients can hold and transfer USDC at BNY and instruct Circle to mint USDC from dollars or burn USDC for redemption into dollars. BNY was already a primary custodian of USDC reserve assets and also plans to support other stablecoin issuers and digital cash workflows.
Subscribe to Mark Radar Weekly
Every Friday, the week's strongest signals in your inbox. Unsubscribe anytime.
If you search news on Google, you can set Mark Radar as a preferred source—our coverage will show up more often in your results. Set as preferred source on Google →