ClearBank has selected digital asset infrastructure provider Taurus to support its expansion into stablecoin-related services, as the UK-based clearing bank looks to expand its payments and digital asset offerings for its customers, the company said in a press release on Tuesday.
Under the agreement, ClearBank will be able to use Taurus-PROTECT as its wallet infrastructure provider to provide digital asset services in a secure, scalable, and compliant manner.
The partnership forms part of ClearBank's broader digital asset strategy, with an initial focus on stablecoins, the fintech company said.
Stablecoins are cryptocurrencies pegged to assets such as fiat currency or gold. They underpin much of the crypto-economy, acting as payment rails and tools to move money across borders. tether's USDT is the largest stablecoin, followed by Circle's USDC.
The stablecoin market is continuously and rapidly expanding. USDT and USDC So is regulatory clarity, such as the US GENIUS Act, which encourages institutional participation.
As part of the integration, ClearBank will have access to Taurus-PROTECT's connection to Circle Mint, Circle's (CRCL) platform that enables financial institutions to issue and redeem MiCAR-compliant currencies. USDC and EURC.
The move follows ClearBank's recent announcement that it plans to join the Circle Payment Network, which aims to enable near-instant global transfers of value using blockchain-based rails.
ClearBank said that combining traditional payments infrastructure with stablecoin technology has the potential to improve efficiency and reduce costs for use cases such as corporate payments and international remittances.
“Working with Taurus-PROTECT gives us the robust and compliant digital asset capabilities we need to introduce new services and shape the future of payments,” ClearBank CEO Mark Fairless said in a release.
Taurus-PROTECT is part of Taurus' broader digital asset infrastructure platform built for banks and financial institutions, providing storage and management of cryptocurrencies, tokenized assets, and other digital instruments across a variety of regulations and operating models.
read more: BNY, the world's largest custodian bank, to offer tokenized deposits to institutional investors
