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Amina Bank Strengthens Position in Stablecoin Market with Partnerships
Amina Bank, a Switzerland-based institution, has been making strides in the world of digital finance. The bank, which aims to bridge traditional and digital finance, has recently announced expansions in its partnerships with Circle and Ripple.
Through its alliance with Circle, Amina Bank supports access to USDC and EURC, two major stablecoins. This partnership, which was reinforced on August 29, reinforces Amina Bank's position in the stablecoin market.
The bank offers a degree of security through Swiss oversight and segregated custody, setting it apart from higher-risk or opaque custodial models common in the digital asset sector. This added layer of security has allowed Amina Bank to transact billions in USDC and EURC through its FINMA-regulated banking system over the years.
Amina Bank has also introduced a stablecoin rewards programme to complement its custody services. Clients holding at least 10,000 USDC or 10,000 EURC are eligible for quarterly interest payments, distributed in the fiat currency backing the respective stablecoin. The minimum non-compounding rate for the stablecoin rewards programme is set at 0.2% annually.
The partnership with Circle is driven by a shared vision to embed stablecoins within a regulated, institution-ready framework. This vision aligns with Amina Bank's goal of strengthening trust in stablecoin use.
In another significant development, Amina Bank has partnered with Ripple, becoming the first global bank to launch custody and trading for Ripple USD (RLUSD). This partnership further advances Amina Bank's strategy of providing institutional-grade access to regulated stablecoins.
By supporting access to USDC and EURC, Amina Bank helps bridge traditional and digital finance with crypto banking. The bank's partnership with Ripple further cements its position as a leader in this space, helping individuals and institutions to transact with confidence across a global infrastructure.
However, it's worth noting that US persons and residents of the European Economic Area are excluded from the stablecoin rewards programme.
Circle and Amina Bank have acknowledged each other's participation in their respective programmes. The South Korean bank KB Kookmin allied with Circle in 2021 as part of the Circle Alliance Program to strengthen its position in the stablecoin market. Other major South Korean banks like Shinhan, Hana, and Woori have also engaged in talks with Circle for partnerships in stablecoins.
With these strategic partnerships and expansions, Amina Bank continues to solidify its role as a key player in the digital finance landscape.
