Ivy, a German startup focused on instant payments, said it added access to Circle’s (CIRCL) USDC and EURC stablecoins to its always on-transaction rails.
The Berlin-based fintech’s platform allows crypto firms, payment service providers (PSPs) and e-commerce merchants to instantly make bank payments, settle funds to local collection accounts across Europe in multiple currencies, and seamlessly convert them into stablecoins, according to a Wednesday press release.
The deal makes Ivy one of the first platforms offering instant bank payments to enable seamless settlement in USDC, the second-largest dollar stablecoin, and EURC, the largest euro stablecoin, the release said.
Stablecoins, which became a convenient cornerstone of crypto trading partly thanks to the blockchain industry’s tricky relationship with the banking world, are becoming a prominent payment mechanism across the internet. Circle, which this year completed an IPO in the U.S., has turned some of its focus to global payments and remittances with the introduction of the Circle Payments Network (CPN) in April.
“Real-time payment rails and stablecoins belong together,” said Ferdinand Dabitz, CEO and do-founder of Ivy. “Hundreds of merchants are already building on Ivy’s global API for instant bank payments. With native support of Circle’s USDC and EURC, our customers can now instantly mint and burn USDC directly from fiat via a 24/7/365 settlement layer.”