Atlas Adds Stablecoin Accounts to Multicurrency Banking Product

Atlas has added stablecoin accounts to its multicurrency banking product, saying this solution allows businesses and private wealth structures to send, receive and hold stablecoin account balances.

The company’s stablecoin accounts offering takes a “multi-coin, multi-chain approach” and is currently connected to 200 stablecoin issuers and more than 50 blockchains, Atlas Head of Product James Robertson said in a Monday (July 14) press release.

This capability enables Atlas account holders to connect to the stablecoins and blockchains their customers want to pay them with, Robertson said.

In addition, account holders can move between blockchain, currencies and into more than 26 fiat currencies, while earning a yield on their stablecoin balances, according to the release.

“We’re taking the same principles of our core multicurrency banking product, and applying it to stablecoins,” Robertson said in the release. “Funds are held in reserve 1:1 which can be verified on-chain. Customizable user permissions and approval processes, with downloadable statements and transaction reports.”

Stablecoins have started to decouple themselves from crypto exchanges and position themselves as a component of real-world financial infrastructure, PYMNTS reported in March.

There has been a broader adoption of stablecoins in mainstream financial activities including B2B payments, capital markets, lending, cross-border payments and treasury management.

For chief financial officers, the question has shifted from “Should we use stablecoins?” to “Where do stablecoins fit into our financial architecture, and under what conditions?” because the emergence of fiat-referenced digital assets may offer long-term efficiencies and innovations in financial operations.

In another recent development in this space, OKX and Circle Internet Group said Wednesday (July 9) that they partnered to enable the 60 million global users of OKX’s crypto app to more easily convert between U.S. dollars and USDC stablecoins and back on a one-to-one basis.

On the same day, BNY said it was selected by blockchain company Ripple for the primary custody of its stablecoin reserves. BNY said at the time in a press release that the two companies are committed to “paving the way for digital asset adoption at institutional scale and together are bridging the gap between traditional finance and crypto ecosystems.”