Standard Chartered teams up with Circle to launch bank-led USDC minting in Dubai

Standard Chartered and Circle are deepening the ties between USD Coin (USDC) and mainstream banking, rolling out a bank-led channel that lets institutional clients mint and redeem USDC via Standard Chartered’s rails. The service will debut in Dubai through the Dubai International Financial Centre (DIFC), with plans to extend to additional markets. Standard Chartered said it is the first Global Systemically Important Bank (G-SIB) to provide an institutional USDC mint-and-redeem service of this kind. Instead of opening separate accounts directly with Circle, eligible institutions will be able to access USDC through Standard Chartered's platform as part of an integrated proposition spanning banking, custody and digital-asset services. The bank also flagged future support for payment-related use cases. The push comes as stablecoins move further into the financial mainstream. Data from Artemis shows the supply of USD-pegged stablecoins has nearly doubled over the last 24 months, rising from about $160 billion to roughly $300 billion by July 2026. Tether's USDT remains the market leader, while Circle's USDC holds the No. 2 position. Recent USDC supply has hovered around $70–$80 billion, indicating sustained demand even as new issuers enter the market. Summary: Standard Chartered and Circle will enable institutional USDC minting and redemption starting in Dubai. USDC is the second-largest stablecoin, with supply recently in the $70–$80 billion range.