Standard Chartered launches direct institutional USDC minting as Circle faces OpenUSD challenge
Standard Chartered said it is the first globally systemically important bank to offer direct USDC minting and redemption to institutions, according to reports. The bank’s program is launched through the Dubai International Financial Centre (DIFC), with clients accessing USDC without opening accounts directly with Circle, the companies said [1].
Circle’s broader stablecoin position is also in focus after the announcement of OpenUSD, a new stablecoin backed by major payments and financial companies. Multiple reports said Circle shares fell sharply around the announcement, while Circle CEO Jeremy Allaire pointed to large volumes of USDC transfers to argue OpenUSD does not threaten USDC’s standing [2] [3] [4].
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Citations
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- 2Can Circle Defend Its Stablecoin Lead Against OpenUSD? Experts Weigh InCryptoPotato• Jul 2, 2026
- 3Circle CEO Cites Nearly $30 Trillion In USDC Flows To Dismiss OpenUSDYellow• Jul 2, 2026
- 4Circle Stock Sinks 17% in One Day as 140 Firms Back Open USDCoinpaprika News• Jul 2, 2026
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