Manama:INFINIOS, a provider of cross-border payment and financial infrastructure solutions, has received no objection from the Central Bank of Bahrain (CBB) to launch settlement services using USD-backed stablecoin (USDC) and euro-backed stablecoin (EURC).
According to Bahrain News Agency, the announcement was made at the Gateway Gulf event organized by the Bahrain Economic Development Board. The approval allows financial institutions and fintech companies in Bahrain to utilize stablecoins for card prefunding and settlement, enhancing capital efficiency and speed.
The new service by INFINIOS aims to improve liquidity management and transparency in payment flows, marking a significant step in the adoption of stablecoins for core payment infrastructure in the region. The initiative bridges traditional banking with digital payment systems, offering real-time liquidity and reducing operational complexities.
INFINIOS' CEO, Sherif Abdelsalam, highlighted the importance of efficient cross-border payments and the role of regulated stablecoin infrastructure. The CBB's support is seen as pivotal in integrating digital assets into mainstream financial services, aligning with Bahrain's innovative regulatory stance.
The use of USDC and EURC in payment infrastructure reflects a global trend towards integrating stablecoins into financial systems. This move enhances Bahrain's status as a hub for financial innovation, promoting the responsible adoption of digital asset technologies.
INFINIOS is set to provide robust compliance and operational controls in its stablecoin settlement services, furthering its commitment to developing interconnected financial infrastructure. This development positions INFINIOS at the forefront of merging traditional finance with digital assets, catering to the growing demand for efficient cross-border settlement solutions.