European Bank Uses Stablecoin Instead Of SWIFT

After the advent of cryptocurrencies, in particular, stablecoins, the SWIFT system faced competition. Liechtenstein Bank Frick switches from the entrenched international interbank settlement system SWIFT in favor of a modern solution - stablecoin USDC.

Bank Frick has become one of the leading European blockchain banks, offering cryptocurrency and custody services for institutional clients and miners. Now the bank has decided to get benefit from the blockchain and cryptocurrency in another way by changing SWIFT to USDC. Like most stablecoins, cryptocurrency is pegged to the US dollar in a 1:1 ratio.

The head of the banking blockchain system at Bank Frick, Stefan RAUTI, believes that thanks to USDC, customers now have the opportunity to process payments in US dollars faster than the classic SWIFT procedure. It is also worth noting that since the beginning of the year, USDC has added more than $230 mln to its market capitalization, as a result of which it amounts to almost $750 mln.

Image courtesy of Transact24