Standard Chartered Launches Institutional USDC Minting in Dubai

Standard Chartered has launched institutional USDC minting and redemption services through its Dubai International Financial Centre (DIFC) hub, giving large-scale clients the ability to convert between dollars and stablecoins.

The bank's move extends its relationship with Circle, the issuer of USDC, which has turned Standard Chartered into one of the most crypto-forward legacy banks on the planet. The bank already serves as a reserve bank for USDC's cash holdings and advises on Circle's payments network.

Standard Chartered secured a custody license in the DIFC back in September 2024, initially covering just Bitcoin and Ether. By January 2026, the bank had expanded to offering USDC custody on permissionless chains, allowing institutional clients to hold and move USDC on public blockchains like Ethereum.

The stablecoin market is expected to grow significantly, with Standard Chartered projecting that the total stablecoin market cap could reach $2 trillion by the end of 2028. Circle has been positioning USDC as the regulated stablecoin of choice for institutions, and having Standard Chartered as both a reserve bank and an active minting and redemption partner strengthens this positioning.