ClearBank, a cryptocurrency-friendly neobank and UK-regulated Faster Payments provider, has joined the Circle Payments Network (CPN) and plans to link its cloud-native banking platform to Circle’s blockchain-based infrastructure to accelerate cross-border payments and provide access to regulated stablecoins.
The move follows a new strategic agreement between the UK-based clearing bank and Circle Internet Group, the company behind the USDC and EURC stablecoins. According to a press release, ClearBank will be one of the first European banks to integrate with CPN, allowing customers to transfer funds around the world with near-instantaneous speed while maintaining regulatory transparency.
This is an interesting move as ClearBank is reportedly looking to bring its own stablecoin to the table. But reading between the lines and making deals with the likes of the Bank of England was not easy.
There is a lot happening when it comes to use cases for stablecoins for payments. Since Circle launched CPN in April of this year, Coinbase, the company’s primary revenue sharing partner, has joined in with its stablecoin-driven payments service.
The ClearBank collaboration is focused on expanding access to Circle Mint, a platform that allows financial institutions to mint and redeem USDC and EURC. Both tokens are fully reserved and designed to comply with Europe’s new Market for Crypto Assets (MiCA) regulations.
ClearBank said it will also explore new use cases with Circle, including stablecoin-based financial services and tokenized asset settlement. These developments could reduce dependence on traditional banking rails and make everyday financial operations, such as business payments and international remittances, faster and cheaper.
ClearBank CEO Mark Fairless said the partnership was a “milestone” in the company’s efforts to modernize cross-border finance, while Sanja Kong, Circle’s vice president of EMEA partnerships, said the partnership would expand access to “open and programmable money” in the European financial system.
