Bank Frick, the European lender, is to adopt USDC as its cross-border transfer method and phase out SWIFT

According to Decrypt, Recently Bank Frick, one of Europe's largest blockchain Banks, decided to replace SWIFT, a traditional money-transfer system, with Circle's stability currency USDC. The bank says USDC performs dollar payments much faster than SWIFT.

Founded in 1998, Bank Frick has transformed itself into one of Europe's leading blockchain Banks, providing encrypted trading and custody services to institutional clients, miners and mining companies. The bank recently decided to phase out the SWIFT transfer system in favor of USDC, taking full advantage of blockchain and cryptocurrency.

"With the addition of the USDC, we are enabling our customers to quickly process dollar payments. Transfer times are significantly reduced compared to traditional payment processing processes." Stefan Rauti, head of Bank Frick.

The Association of Global Interbank Financial Telecommunications (SWIFT) has been used by major financial institutions since its inception in the 1970s. However, with the emergence of encrypted payment methods, and cryptocurrencies in particular, the ubiquitous SWIFT has encountered severe resistance.

Circle co-founder and CEO Jemery Allaire tweeted: "We are seeing and expect regulated Banks to increase their USDC support this year as an important alternative to bank value transfer."Since the beginning of the year, USDC's market value has increased by $230 million to about $750 million. While the growth so far this year has been impressive, it is still weak compared with the leading stabilisation currency, the Tether (USDT), which added $5bn to its total market capitalisation in 2020 alone. However, USDC is slightly different from USDT in that it focuses more on institutional collaboration and adoption, and its development companies Circle and Coinbase are both US compliance companies. Therefore, we can see that in the future USDC is destined to take a different development path from USDT.

The original address: https://decrypt.co/31817/

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