ClearBank, a cloud-based clearing bank in the UK, has entered into a strategic partnership with Circle, the issuer of USDC, the second-largest stablecoin by market cap.

According to an announcement made on Monday, ClearBank signed a partnership agreement with Circle Internet Group’s subsidiary to work on various stablecoin-related initiatives within the European market.

This collaboration aims to facilitate the scaling of USDC (USDC) and EURC (EURC) stablecoins via Circle Mint, a service enabling authorized partners to create and redeem tokens directly on the blockchain.

As part of this agreement, ClearBank intends to be among the first European banks to join the Circle Payments Network (CPN), which integrates financial entities and employs stablecoins like USDC and EURC for quick and secure transactions.

Quicker and cost-effective cross-border transactions

ClearBank’s cooperation with Circle aims to improve access to Circle’s compliant stablecoins, in line with the EU’s Markets in Crypto-Assets Regulation (MiCA).

In July 2024, Circle became the first global stablecoin issuer to comply with MiCA requirements, ahead of full enforcement by late 2024.

By adopting Circle’s Circle Mint and CPN, ClearBank connects its innovative banking platform to Circle’s stablecoin settlement network, bridging traditional and digital finance for faster and cheaper cross-border transactions.

Source: ClearBank

“Joining Circle Payments Network will be a significant milestone in ClearBank’s evolution as a cross-border payments innovator,” stated ClearBank CEO Mark Fairless, adding that Circle is “redefining how money moves globally.”

This partnership also establishes a foundation for further strategic initiatives, including solutions for stablecoin treasury and tokenized asset settlement.

The collaboration between Circle and ClearBank follows closely after Circle partnered with German securities marketplace Deutsche Börse, announced on September 30, to list and trade USDC and EURC on Deutsche Börse’s 3DX exchange.