Fidelity National Information Services will launch USDC payments in partnership with Circle

What’s new? Fintech giant Fidelity National Information Services (FIS) is partnering with Circle to integrate its $63,8 billion USDC stablecoin into its Money Movement Hub. This will allow US financial institutions to offer secure, real-time domestic, and cross-border USDC transactions. FIS is ranked second in the IDC Global Fintech Rankings 2023 and is a Fortune 500 company.

Press release

What else is known? The partnership follows the passage of the GENIUS stablecoin act in the United States, which paved the way for greater integration of digital assets with traditional finance.

The initiative is part of FIS’ broader strategy to support digital assets and bring innovative technology solutions to clients, the press release emphasized.

Kash Razzaghi, Chief Business Officer at Circle, commented on the collaboration with FIS:

“With the GENIUS Act now enacted as US law, stablecoins are converging with mainstream finance and institutions are increasingly seeking faster, more transparent and economically efficient ways to move money.

Payment stablecoins represent a significant opportunity for US financial institutions to modernize and stay competitive.

That’s why we’re partnering with FIS — by combining FIS’ ubiquitous banking and payments technology ecosystem with Circle’s blockchain-native infrastructure and USDC, we’re unlocking settlement at internet scale.”

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The recently launched Money Movement Hub is the first FIS solution integrated with Circle to make USDC’s payment functions available to a wide range of institutions.

Money Movement Hub allows financial institutions to connect to multiple payment networks, spanning multiple payment types, in one place.

FIS will integrate its real-time payments and fraud detection solutions with Circle’s blockchain infrastructure to provide a pathway for financial institution customers to utilize digital assets at multiple scales.

USDC is a fully-collateralized US Treasury bond and other cash equivalent payment stablecoin whose capitalization has grown 45,7% since the beginning of the year. In the stablecoin segment, the asset is second only to Tether’s USDT in this indicator.