Global banking technology vendor FIS has partnered with stablecoin issuer Circle to enable financial institutions to transact in USDC.
Under this initiative, FIS and Circle will allow US financial institutions to provide customers with the option to make both domestic and cross-border payments using USDC. This development follows new US stablecoin legislation, facilitating the integration of digital assets with traditional finance.
FIS processes approximately $9 trillion annually and handles around 75 billion transactions for over 20,000 clients worldwide. The recently launched Money Movement Hub is the first product to integrate with Circle, making USDC payment functionality accessible to a wide array of institutions.
The Money Movement Hub connects financial institutions to multiple payment networks and various payment types from a single platform. FIS plans to integrate its real-time payments and fraud detection capabilities with Circle’s blockchain infrastructure, paving a scalable path for the adoption of stablecoins by client banks.
Jim Johnson, co-president of Banking Solutions at FIS, stated, “By providing our clients with direct access to USDC functionality within a regulated and compliant framework, they will be able to offer their customers greater choices in payment methods. We are helping them embrace the latest technology to streamline payment processes, enhancing speed, accuracy, and security throughout the money lifecycle.”
This move comes as FIS enters the space after competitor Fiserv recently announced plans for a digital asset platform, including a stablecoin for financial institutions, utilizing infrastructure from Paxos and Circle. Fiserv’s token, FIUSD, is designed to be a bank-friendly solution for efficient and interoperable digital asset services.