FIS Partners With Circle to Offer Bank Stablecoin Payments
Circle Internet Group Inc. signage in front of the New York Stock Exchange during the company’s initial public offering in New York on June 5.
Photographer: Michael Nagle/BloombergBank technology provider Fidelity National Information Services Inc. is partnering with Circle Internet Group Inc. to offer financial institutions the ability to conduct transactions using Circle’s stablecoin.
The companies aim to help US banks offer their customers the option to make domestic and cross-border payments using USDC, a cryptocurrency intended to track the value of a dollar one-for-one that’s backed by short-term US Treasuries and cash. FIS is integrating the token into its money movement hub, a service designed to help financial institutions connect with multiple payment networks. The service is expected to go live before the end of the year.