StraitsX, a part of Southeast Asia digital financial services group, Fazz, a Major Payment Institution in Singapore announced today that it has partnered with Circle Internet Financial, a global financial technology firm and the issuer of USD Coin (USDC) and Euro Coin (EUROC), to promote greater access and adoption for USDC by enabling its personal and business account users to deposit and receive USD/USDC via the StraitsX platform.
StraitsX account holders will now be able to mint USDC by depositing USD into their StraitsX accounts, and redeem USDC to receive USD in their StraitsX accounts.
With USDC being one of the fastest-growing stablecoins in the world and a widely requested asset from partners on StraitsX, the integration aims to better serve its business, corporate, institutional, and retail users. As of 23 November 2022, over 20 million USDC has been traded since the launch of the StraitsX OTC desk, and in 2022, demand on the platform for the digital asset continues outpacing 2021 growth with three times as many trades year on year.
"We’re thrilled to partner with Circle to start offering USDC to StraitsX account holders. This partnership marks the first time we are directly partnering with another stablecoin issuer and we look forward to more collaborations with like-minded partners such as Circle,” said Aymeric Salley, Head of StraitsX.
“We are excited to partner with StraitsX and we look forward to them offering the stability of USDC to their customers in the Asia Pacific region and beyond,” said Raagulan Pathy, Vice President of Asia Pacific for Circle.
StraitsX is the pioneering payments infrastructure for the digital assets space in Southeast Asia. StraitsX is a Major Payment Institution licensed by the Monetary Authority of Singapore and is part of Fazz’s ecosystem of financial services which powers business banking in Southeast Asia. StraitsX offers personal and business account holders to mint and redeem StraitsX stablecoins, manage payments as well as connect their accounts to digital asset platforms. Business accounts can also access B2B API-enabled payment rails for digital asset platforms.
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is powering always-on internet-native commerce and payments and is the issuer of USD Coin (USDC) and Euro Coin (EUROC). Today, Circle's transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through the frictionless exchange of value. Circle does not directly service retail customers.