KEY TAKEAWAYS
- Bison Digital Assets partners with Circle to align with European MiCA regulations, integrating USDC and EURC stablecoins into their operations.
- This collaboration allows BDA customers to use regulated stablecoins for various financial transactions, enhancing compliance and transparency.
- The partnership underscores the role of stablecoins in bridging traditional finance and blockchain technology, offering secure and efficient financial services.
- Bison Bank and Circle’s collaboration highlights their commitment to pioneering crypto regulation compliance in the European market.
Bison Digital Assets (BDA), the crypto asset subsidiary of Bison Bank, has announced a strategic partnership with Circle to align with the European Markets in Crypto Assets (MiCA) regulation. This collaboration enables BDA to integrate its operations with Circle’s issuance and redemption platform, facilitating the use of USDC and EURC stablecoins for its customers.
The integration allows BDA customers to utilize regulated stablecoins for deposits, withdrawals, conversions, and payments across various blockchain networks. USDC and EURC are fully reserved stablecoins backed by liquid cash and cash-equivalent assets, redeemable 1:1 for US dollars and euros. These reserves are held at regulated financial institutions, with third-party monthly attestations ensuring transparency.
For BDA’s significant customer base in the European Union, access to USDC and EURC is compliant with MiCA, the EU’s comprehensive law governing crypto assets. This compliance is crucial as stablecoins serve as a bridge between traditional finance and blockchain technology, requiring robust integration with the banking system.
Enhancing Financial Services with Regulated Stablecoins
Through the partnership with Circle, Bison Digital Assets aims to offer its customers secure, fast, and cost-effective transfer solutions. Since its inception in 2018, USDC has processed over $19 trillion in transactions, recognized for its stability and speed.
António Henriques, CEO of Bison Bank, emphasized the importance of this partnership, stating, “We are thrilled to establish this partnership between BDA and Circle, offering our customers regulated and secure stablecoins. We believe these will play a fundamental role in the future of financial services, and we are committed to leading this transformation.”
Sanja Kon, Circle’s VP of Partnerships and Business Development, Europe, commented on the collaboration, “We’re excited to partner with Bison Digital Assets to expand access to MiCA-compliant stablecoins in the European market. This collaboration reflects our shared vision to enable the global movement of money in a secure, compliant, and internet-native way.”
Pioneering Crypto Regulation Compliance
Bison Bank was the first Portuguese bank to establish a cryptocurrency-focused subsidiary and among the first in Europe to obtain a Virtual Asset Service Provider (VASP) license from the Bank of Portugal. Circle, as the first major global stablecoin issuer to comply with MiCA, strengthens this partnership by providing regulated digital payment solutions.
The partnership was announced here.
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