Singapore-based crypto payments infrastructure company StraitsX announced today that it has partnered with Circle Internet Financial to boost access to stablecoin USDC by enabling its personal and business account users to deposit and receive USD/USDC via the StraitsX platform.
Founded in 2013, Circle is best known as the issuer of the USD Coin (USDC) and Euro Coin (EUROC) stablecoins, which have market capitalizations of US$43.7 billion and US$77 million respectively, as of time of writing.
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, according to the press release.
According to StraitsX, over 20 million USDC has been traded since the launch of the StraitsX OTC desk. The demand for USDC has also continued to grow with thrice as many trades in 2022 as compared to 2021.
“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, in a statement.
StraitsX is a Major Payment Institution (MPI) licensed by the Monetary Authority of Singapore (MAS). Earlier this month, Circle received In-Principle Approval as a MPI license holder from the MAS, which will allow the company to offer digital payment token products, cross-border and domestic transfer services in Singapore.