Through a strategic partnership, Bison Digital Assets (a branch of Portugal’s Bison Bank) is collaborating with Circle to grant users easy access to compliant Euro-backed digital coins, aligning with the regulatory standards set by the European Union’s Crypto Asset Markets framework.
In simpler terms, this partnership enables the incorporation of Circle’s USD Coin (USDC) and Euro Coin (EURC) within BDA’s system. This means that users can now utilize these secure digital currencies for transactions such as deposits, withdrawals, and payments on the platform.
Stablecoins represent a type of digital currency that aim to keep their worth steady by being directly linked to fiat currencies such as the Euro or US Dollar. For instance, USDC and EURC, issued by Circle, are fully collateralized with cash or equivalent financial assets kept at reputable banks, as stated in a recent announcement from the company.
This allows customers the flexibility to swap them for an equal worth in traditional money (fiat currency) whenever they want.
Circle’s MiCA compliant transfers
With this integration, BDA’s clients can now facilitate cross-blockchain fund transfers using USDC and EURC, all in line with MiCA, the EU’s extensive legislation regulating cryptocurrencies. MiCA seeks to bring order and security to the crypto market by setting forth definitive guidelines for issuers and service providers.
Users can expect swifter and more cost-effective transactions when dealing with USDC and EURC compared to conventional bank transfer methods.
Concurrently, the assets supporting these stablecoins ensure both safety and openness. These assets are regularly verified by independent auditors, which validates their backing.
António Henriques, the CEO of Bison Bank, emphasized the significance of working together, explaining, “We think stablecoins will be crucial for the development of financial services in the future, and we’re dedicated to spearheading this change.
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2025-01-13 18:50