After the advent of cryptocurrencies, in particular stable coins, the SWIFT system faced competition. Liechtenstein Bank Frick rejects the ingrained 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 custodial services for institutional clients and miners. Now the bank has decided to capitalize on the blockchain and cryptocurrency in another way by changing SWIFT to USDC. Like most stable coins, 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 million to its market capitalization, as a result of which it is almost $ 750 million.