BCB Group – a firm that provides financial services for cryptocurrency firms in the U.K. and European Union – has inked a deal to integrate with Circle’s platform to make the USDC stablecoin available to institutional clients.
Announced Thursday, the partnership will see BCB add elements of Circle’s crypto finance platform in an attempt to improve the efficiency of payments, clearing and custody for business customers.
The move means BCB’s clients will gain access to USDC, the U.S. dollar-linked stablecoin launched by the CENTRE Consortium, which was founded by Circle and Coinbase in October 2018.
USDC can help EU-based companies “mitigate negative risk” exposure by providing secure and efficient payments solutions, BCB said in a statement.
According to Circle’s co-founder and CEO, Jeremy Allaire, demand for dollar-pegged stablecoins is quickly growing and USDC would provide “critical” infrastructure for BCB’s clients.
USDC moved close to 1.1 billion coins in circulation in July 2020, according to CoinMarketCap, with numbers having sharply risen since late March.
Circle recently teamed with Genesis Trading in a $25 million deal also aimed at boosting adoption of USDC. Like CoinDesk, Genesis is a fully owned Digital Currency Group subsidiary.