ClearBank, a crypto-friendly neobank and regulated Faster Payments provider in the UK, plans to join the Circle Payments Network (CPN), connecting its cloud-native banking platform to Circle’s blockchain-based infrastructure to speed up cross-border payments and offer access to regulated stablecoins.
The move follows a new strategic agreement between the UK-based clearing bank and Circle Internet Group, the company behind USDC and EURC stablecoins. ClearBank will be one of the first European banks to integrate with CPN, allowing customers to transfer money globally with near-instant speed while maintaining regulatory transparency, according to a press release.
It’s an interesting move because ClearBank was reportedly looking to bring its own stablecoin to the table. But reading between the lines, dealing with the likes of the Bank of England has been no easy feat.
A lot is happening when it comes to the use of stablecoins for payments. Since Circle launched its CPN back in April of this year, the firm’s main revenue sharing partner, Coinbase, has joined the party with a stablecoin-powered payment offering
The ClearBank collaboration focuses on expanding access to Circle Mint, a platform that enables financial institutions to mint and redeem USDC and EURC. Both tokens are fully reserved and designed to comply with Europe’s new Markets in Crypto-Assets (MiCA) regulation.
ClearBank said it will also explore new use cases with Circle, including stablecoin-based treasury services and tokenized asset settlements. This development can make routine financial operations – such as business payments or international money transfers – faster and cheaper by reducing reliance on legacy banking channels.
Mark Fairless, ClearBank’s chief executive, called the partnership a “milestone” in the company’s efforts to modernize cross-border finance, while Circle’s VP of EMEA partnerships, Sanja Kon, said the collaboration will expand access to “open, programmable money” in Europe’s financial system.
