European Expansion: Circle and Bison Digital Assets Unite for Regulated Stablecoin Transactions

Circle and Bison Digital Assets Partner to Bring MiCA-Compliant Stablecoins to Europe

In a landmark move, Circle has partnered with Bison Digital Assets, a subsidiary of Portugal’s Bison Bank, to offer MiCA-compliant USDC and EURC stablecoins. This strategic alliance aims to bring secure and regulated transactions to the European market.

The partnership integrates Circle’s USD Coin (USDC) and Euro Coin (EURC) into Bison Digital Assets’ platform, ensuring compliance with EU Markets in Crypto Assets regulations. This move signifies a significant step forward in integrating stablecoins into Europe’s financial system, emphasizing transparency, security, and efficient digital payment solutions.

It is worth noting that the USDC and EURC are fully reserved stablecoins backed by cash or equivalent assets. Regulated financial institutions hold these reserves, which are audited independently on a monthly basis. This level of transparency enhances customer trust in the use of these stablecoins. The integration also complies with the Transfer of Funds Regulation Travel Rule, requiring Crypto Asset Service Providers to collect and present sender and receiver data for transactions exceeding €1,000. This measure aims to prevent money laundering and terrorist financing.

The partnership will allow Bison Digital Assets to utilize Circle’s platform for stablecoin issuance and redemption. As a result, customers can now perform deposits, withdrawals, and payments securely through the platform. The system simplifies cross-border transactions while reducing costs. With over $19 trillion in processed transactions since its launch in 2018, Circle has demonstrated its reliability in facilitating secure transactions.

The partnership also highlights the potential of stablecoins in the evolving financial landscape. Recently, Circle announced a significant donation of $1 million USDC to Donald Trump’s inaugural fund, underscoring the growing acceptance of USDC in mainstream financial transactions.

Source: cryptonewsland.com