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US President Donald Trump signed the highly anticipated stablecoin law, the GENIUS Act, last week.
After this signing ceremony, new moves towards stablecoin usage continued, with the latest move coming from FIS and Circle.
American banking technology provider Fidelity National Information Services (FIS) has partnered with stablecoin issuer Circle to help banks offer USDC-based payment services, Bloomberg reported.
This partnership will allow US financial institutions using FIS technology to offer their customers USDC as a domestic and international payment option. The service is planned to launch within the year.
The partnership aims to expand financial institutions' access to stablecoin payments, payment options, and transaction transparency. The duo also aims to reduce intermediary costs and increase efficiency by enabling near-instant payments through stablecoins.
This collaboration is expected to increase stablecoin usage and institutional trust in traditional financial sectors.
“This new partnership with Circle demonstrates FIS’s commitment to unlocking innovative financial technologies that help transfer money between banks, consumers, and businesses worldwide. By providing our customers with direct access to USDC functionality within a regulated and compliant framework, they will be able to offer their customers more payment method options than ever before. We are helping them adopt the latest technology to reduce the complexity and costs associated with making payments, ensuring money flows quickly, accurately, and securely throughout its entire lifecycle,” said Jim Johnson, Co-Head of Banking Solutions at FIS.
“With the GENIUS Act now enacted as US law, stablecoins are becoming integrated into mainstream finance, and institutions are increasingly seeking faster, more transparent, and economically efficient ways to transfer money. Stablecoins present a significant opportunity for US banks to modernize and remain competitive, which is why we are partnering with FIS,” said Kash Razzaghi, Circle's Chief Operating Officer.
*This is not investment advice.