Standard Chartered has become the first Global Systemically Important Bank to offer direct USDC minting and redemption services to eligible institutional clients. The service, launched through the bank’s Dubai International Financial Centre operations on July 2, 2026, integrates banking, custody, and digital asset access into a single onboarding process.
In partnership with Circle, the issuer of USDC, Standard Chartered enables institutions to mint and redeem the stablecoin without needing a separate account with Circle. The bank stated that this launch marks the initial phase of a broader stablecoin strategy, with plans to expand into additional markets pending regulatory approvals.
Dubai Operations Open USDC Access for Institutions
Standard Chartered is the first systemically important bank licensed to offer institutional access to USDC minting and redemption through its own platform. The service connects fiat banking, digital asset infrastructure, and public blockchain networks under the bank’s existing compliance, governance, and risk management frameworks.
Eligible clients can now access USDC through the bank’s Dubai operations. Future market expansions will depend on regulatory clearance and local market readiness, though the bank has not yet specified which regions will follow.
This launch adds another regulated digital asset service to the United Arab Emirates, which has been developing a robust blockchain and stablecoin ecosystem. However, Standard Chartered has not disclosed client numbers, transaction limits, fees, or minimum account requirements.
Service Supports Settlement, Treasury, and Liquidity
The service targets institutional use cases such as on-chain settlement, treasury operations, and liquidity management. Clients can move value between traditional banking systems and blockchain networks through a single provider.
Standard Chartered plans to combine banking, custody, and digital asset services within the same institutional offering, applying its normal controls to stablecoin-related transactions. Roberto Hoornweg, CEO of the bank’s corporate and investment banking division, noted that digital assets are becoming a key part of global financial infrastructure and that institutional clients expect “the same levels of trust and governance” found in traditional markets.
The current offering focuses on minting and redemption. Clients can create USDC by transferring eligible funds through the bank and redeem the stablecoin back into fiat currency. Payment-related services remain under development, with no launch date announced.
Circle Partnership Expands Institutional USDC Access
Circle provides the USDC infrastructure behind the service. The company issues the stablecoin through regulated entities and manages the minting and redemption process. Kash Razzaghi, Circle’s Chief Commercial Officer, said financial institutions are seeking “trusted ways to access stablecoins” and blockchain-based markets, and that the partnership could support settlement, payments, and treasury operations while maintaining compliance standards.
As of July 2, 2026, USDC traded near $1.00, with a market capitalization of approximately $73.2 billion and a 24-hour trading volume of about $15.6 billion. The stablecoin operates across several public blockchain networks and is widely used for transfers, settlement, trading, and liquidity management.
Future versions of the service may support payment-related uses, but the bank has not provided a timeline. Retail customers are not included in the initial rollout.
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