FIS partners with Circle on stablecoin money movement functionality

FIS (FIS) announced a new partnership with a subsidiary of Circle Internet Group (CRCL) to give financial institutions the ability to transact in USDC, the world’s largest regulated stablecoin. “This partnership launches on the heels of new U.S. stablecoin legislation that paves the way for digital assets to become more integrated with traditional finance in the U.S. Working together through this novel partnership, FIS and Circle will enable U.S. 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,” the companies stated. 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.”