Bison Digital Assets, a subsidiary of Portugal’s Bison Bank, has partnered with Circle to provide access to regulated stablecoins that comply with the European Union’s Markets in Crypto Assets framework. 

The partnership integrates Circle’s USD Coin (USDC) and Euro Coin (EURC) into BDA’s platform, allowing customers to use these stablecoins for deposits, withdrawals, and payments.

Stablecoins are cryptocurrencies designed to maintain a consistent value by being backed 1:1 by traditional currencies like the euro or U.S. dollar. USDC and EURC, issued by Circle, are backed entirely by cash or cash-equivalent assets held at regulated financial institutions, according to a company release.

This ensures that customers can exchange them for their equivalent value in fiat currency at any time.

Circle’s MiCA compliant transfers 

With this integration, BDA customers can now use USDC and EURC to transfer funds across blockchain networks in compliance with MiCA, the EU’s comprehensive regulation for cryptocurrencies. MiCA aims to bring clarity and safety to the crypto market by establishing clear rules for issuers and service providers.

For users, this means transactions with USDC and EURC are designed to be faster and cheaper than traditional banking transfers. 

At the same time, the reserves backing these stablecoins provide security and transparency, with regular third-party audits confirming their backing.

António Henriques, CEO of Bison Bank, highlighted the importance of the collaboration, stating, “We believe these [stablecoins] will play a fundamental role in the future of financial services, and we are committed to leading this transformation.”