Following this signing ceremony, new moves toward the use of stablecoins continued, with the latest step coming from FIS and Circle.
Bloomberg reported that Fidelity National Information Services (FIS), the American banking technology provider, has partnered with Circle, the issuer of stablecoins, to help banks provide USDC-based payment services.
This partnership will allow American financial institutions using FIS technology to offer USDC to their clients as a local and international payment option. The service is expected to launch later this year.
The partnership aims to expand financial institutions' access to stablecoin payments, payment options, and transaction transparency. Both parties aim to reduce intermediation costs and increase efficiency by enabling near-instant payments through stablecoins.
This collaboration is expected to increase the use of stablecoins and institutional trust in traditional financial sectors.
This new partnership with Circle highlights FIS's commitment to launching innovative financial technologies that facilitate the transfer of money between banks, consumers, and businesses worldwide. By providing our clients with direct access to USDC functionalities within a regulated and compliant framework, they will be able to offer payment options more than ever before. We are helping them adopt the latest technologies to reduce the complexities and costs associated with payments, ensuring the flow of funds quickly, accurately, and securely throughout their lifecycle, as stated by Jim Johnson, co-president of banking solutions at FIS.
With the passage of the GENIUS Act as U.S. law, stablecoins have become an integral part of the mainstream financial system, and institutions are increasingly seeking faster, more transparent, and economically efficient ways to transfer money. Stablecoins represent a significant opportunity for U.S. banks to modernize and maintain their competitiveness, which is why we are collaborating with FIS, according to Kash Razaghi, Chief Operating Officer at Circle.
*This is not investment advice.
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