European-based Bank Frick adds support for USDC stablecoin

Bank Frick, a crypto-friendly bank out of Liechtenstein announced they are adding USDC to its product range allowing customers to process USD payments. The bank has noted that it significantly reduces processing times compared to the traditional payment rails using SWIFT. While USDC is the first stablecoin supported by the bank, they offer trading and custody for various other large-cap crypto assets.

Why it matters

• Stablecoins are increasingly gaining prominence surpassing $10 billion outstanding, doubling the amount at the start of the year. As they continue to be supported by regulated entities, this figure should continue to grow.
• Circle’s CEO Jeremy Allairstated he expects this trend to surge in the coming year by offering a “significant alternative to rail to value transfer for banks.”