Standard Chartered has become the first Global Systemically Important Bank (G-SIB) to offer institutional clients direct access to USDC minting and redemption, through a partnership with issuer Circle announced on July 2.
Eligible clients can convert dollars to USDC and back inside their existing banking relationship, with no separate Circle accounts required. However, the launch covers Dubai only, and a rival bank rolled out similar services three days earlier.
Standard Chartered USDC Access Starts in Dubai
The capability, developed with Circle, runs through the bank’s Dubai International Financial Centre (DIFC) operations.
It gives institutions a single onboarding route into USDC, which commands a $73.2 billion market cap.
Standard Chartered says the service supports on-chain settlement, treasury operations, and liquidity management, with payment use cases planned later. Expansion into additional markets depends on regulatory approvals and market readiness.
“Digital assets are becoming an increasingly important component of global financial infrastructure, and institutional clients are seeking the same levels of trust and governance that underpin traditional markets,” Roberto Hoornweg, CEO of Corporate and Investment Banking at Standard Chartered, said in the announcement.
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The relationship runs deeper than one launch. Standard Chartered has helped design the Circle Payments Network since April 2025, alongside Santander, Deutsche Bank, and Société Générale.
This week, the bank also initiated coverage of the DeFi lending protocol Morpho.
Rivals are Already Moving on USDC
It is imperative to note, however, that Standard Chartered is not the first. On June 29, BNY enabled clients to mint, redeem, and hold USDC through its Digital Asset Custody platform.
BNY is no fringe player. It custodies USDC’s reserves and oversees $59.3 trillion in assets under custody or administration.
More may follow. BNY says it plans to add further stablecoin issuers over time, while Standard Chartered cites growing demand from institutions and corporations for regulated stablecoin infrastructure.
Circle, meanwhile, has its own reasons to court bank partners. Its stock fell 15% last week after 140 firms, including Visa and Coinbase, backed rival stablecoin Open USD.
Bank distribution hands USDC deeper institutional rails just as its enterprise lead comes under attack.
Regulation will set the pace. Circle kept its European listings under MiCA while Tether’s USDT exited, yet Standard Chartered’s global rollout still awaits approvals market by market.
Whether treasurers route real settlement flows through bank-issued USDC rather than pilots will determine how quickly the rest of the G-SIB pack moves.
Bitrue