UK’s ClearBank partners with Taurus to ramp up stablecoin-related services

ClearBank, a UK payments bank, is partnering with Taurus, a provider of custody infrastructure for digital assets (cryptocurrencies), to expand stablecoin-based digital asset services.

According to CoinDesk, a digital-asset industry outlet, ClearBank plans to offer stablecoin-related services by adopting Taurus’s wallet infrastructure solution. Through the partnership, ClearBank aims to bolster digital-asset custody and management capabilities in terms of security, scalability and regulatory compliance.

Using Taurus’s wallet solution, ClearBank will prioritize stablecoin-focused payments and digital-asset use cases. In particular, it is expected to enable integration with the issuance and redemption infrastructure for the dollar-backed stablecoin USDC and the euro-backed EURC, both compliant with Europe’s crypto-asset regulation, MiCAR.

The move follows ClearBank’s recent announcement of plans to join Circle’s payments network. The company expects that integrating blockchain-based stablecoin technology into existing financial payment infrastructure will reduce costs and improve processing speeds for B2B payments and cross-border remittances.

ClearBank said, “By combining traditional finance with digital-asset infrastructure, we will be able to provide customers with more efficient payment options,” adding that it is “also keeping the door open to expanding into new financial services using stablecoins.”