Banking Circle, a Fintech headquartered in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier, says it has received approval to operate as a Crypto-Asset Service Provider (CASP), thus enabling more digital asset services. Following the approval, Banking Circle said it is launching a stablecoin settlement service.
As stablecoins are quickly becoming an established method of moving value, and greater regulatory clarity is being pursued, Banking Circle’s stablecoin settlement service is designed to provide an integrated solution for institutions seeking to benefit from stablecoin rails. This includes 24/7 availability of payments with the compliance, security, and risk management standards of a regulated bank.
Laust Bertelsen, CEO of Banking Circle, said the CASP license was an important milestone for his bank.
“Stablecoins have fast evolved from a peripheral innovation into core infrastructure for cross-border settlement, treasury management, and financial inclusion. We are proud to be at the forefront of bringing these capabilities to market within a robust regulatory framework.”
Kirit Bhatia, Chief Digital Asset Officer at Banking Circle, shared that they have spent years building the financial infrastructure that enables more than 750 payment companies, financial institutions. Currently, Banking Circle moves over €1.5 trillion annually worldwide. Stablecoins is a natural extension of infrastructure that reduces cost and complexity.
It has been estimated that the global stablecoin market has a market capitalization of around €250 billion and annual payment-related transaction volumes of around €330 billion.