Digital assets are becoming increasingly integrated into the traditional finance sphere in the US. Following new stablecoin legislation in the country, fintech FIS has announced a new partnership with a subsidiary of Circle Internet Group (Circle) to give financial firms the ability to transact in USDC.
FIS and Circle will enable US financial institutions to offer their customers the option to make domestic and cross-border stablecoin payments in USDC. Issued through Circle’s regulated affiliates, USDC is a fully-reserved payment stablecoin that is redeemable 1:1 for US dollars.
FIS’ recently launched Money Movement Hub is the first FIS solution to integrate with Circle, making USDC payment functionality available to a wide range of institutions. The Money Movement Hub enables financial institutions to connect to multiple payment networks, encompassing a range of payment types, in one place. FIS will integrate its real-time payments and enhanced fraud detection solutions with Circle’s blockchain-native infrastructure, providing a scalable path for financial institution customers to adopt digital assets.
Jim Johnson, co-president, banking solutions at FIS, commented: “This new partnership with Circle demonstrates FIS’ dedication to unlocking innovative financial technology that helps move money between the world’s banks, consumers and businesses. By providing our clients with direct access to USDC functionality within a regulated and compliant framework, they, in turn, will be able to offer their customers greater choice in payment methods than ever before.
“We are helping them to embrace the latest technology to reduce the complexity and costs associated with making payments, enabling funds to flow with greater speed, accuracy and security throughout the money lifecycle.”
Kash Razzaghi, chief business officer at Circle, commented: “With the GENIUS Act now enacted as US law, stablecoins are converging with mainstream finance and institutions are increasingly seeking faster, more transparent and economically efficient ways to move money. Payment stablecoins represent a significant opportunity for U.S. financial institutions to modernise and stay competitive.
“That’s why we’re partnering with FIS – by combining FIS’ ubiquitous banking and payments technology ecosystem with Circle’s blockchain-native infrastructure and USDC, we’re unlocking settlement at internet scale.”
