USDC is a $73.3B float against USDT’s $184.4B, and Standard Chartered just turned mint/redeem into a bank relationship instead of a Circle-only workflow. That matters most for market makers and corporate treasuries: faster fiat-to-USDC inventory means tighter arb between bank cash, CEX books, and DeFi venues like Curve/Aave when spreads blow out. The first rollout is through Standard Chartered’s DIFC operations, putting the UAE in front of the U.S. bank stack in 2026.

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