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Standard Chartered has launched a service that allows eligible institutional clients to mint and redeem USDC through its banking platform. The bank introduced the service through its Dubai International Financial Centre operations on July 2, 2026, in partnership with Circle, the issuer of USDC.
The new structure gives institutions one onboarding route for banking and stablecoin access. Clients can use the service without opening a separate account directly with Circle. Standard Chartered said the launch marks the first phase of a broader stablecoin plan.
Standard Chartered said it is the first Global Systemically Important Bank licensed to provide institutional access to USDC minting and redemption. The service connects fiat banking, digital asset infrastructure and public blockchain networks through one bank-led platform.
The bank launched the service from its Dubai International Financial Centre operations. Eligible clients can now access USDC under the bank’s existing compliance, governance and risk management systems.
Standard Chartered plans to expand the service into additional markets. Nevertheless, each rollout will depend on regulatory approval and local market readiness. The bank has not announced which markets could receive the service next.
The Dubai launch also adds another regulated digital asset service to the United Arab Emirates. The country has developed a growing financial sector around blockchain services, stablecoins and digital asset platforms.
However, Standard Chartered has not disclosed the number of clients using the service. It has also not published details about transaction limits, service fees or minimum account requirements.
The service targets institutional uses such as on-chain settlement, treasury operations and liquidity management. It also allows clients to move value between traditional banking systems and blockchain networks through one provider.
Standard Chartered plans to combine banking, custody and digital asset services within the same institutional offering. The bank will apply its normal controls when processing stablecoin-related transactions.
Roberto Hoornweg, chief executive of Standard Chartered’s corporate and investment banking division, said digital assets are becoming an important part of global financial infrastructure. He added that institutional clients are seeking “the same levels of trust and governance” found in traditional markets.
Hoornweg said the service aims to support wider institutional participation through established controls and regulatory oversight. Still, the bank has not confirmed when payment-related services will become available.
Meanwhile, 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.
Circle provides the USDC infrastructure behind the service. The company issues the stablecoin through regulated entities and manages its 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. He said the partnership could support settlement, payments and treasury operations while maintaining expected compliance standards.
USDC traded near $1.00 on July 2, with a market value of about $73.2 billion. Its 24-hour trading volume stood near $15.6 billion, placing it among the largest digital assets by market value.
The stablecoin tracks the US dollar and operates across several public blockchain networks. Institutions use it for transfers, settlement, trading and liquidity management.
Additionally, Standard Chartered said future versions of the service could support payment-related uses. The bank has not provided a launch date for those services.
The current rollout remains limited to eligible institutional clients using the bank’s Dubai operations. Retail customers are not included in the first phase.
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