Luxembourg-based Banking Circle has added USDC stablecoins to its payment rails for payment acceptance, processing, and settlement, moving into the virtual assets market. The new service will be available for banks and payments businesses.

The company already has client demand for paying out in cryptocurrency, which clients want to do in a way that is trustworthy and lower risk. They will, therefore, provide the facility to convert fiat to stablecoins in USDC, giving financial institutions the ability to send funds in stablecoin with full regulatory compliance. With connections into crypto liquidity providers such as Coinbase, Banking Circle will act as a bridge between fiat bank accounts and stablecoins which offer faster settlement than fiat transactions without bank and network fees.