- Matera, a banking software provider, addresses key barriers for banks in offering stablecoins.
- Banks face challenges with stablecoin custody and system compatibility, discouraging adoption.
- Matera partners with Circle, the issuer of USDC, to develop a solution enabling banks to offer stablecoins without direct custody.
- The new approach is designed to make stablecoins more accessible to mainstream consumers by reducing operational risks for banks.
- The solution could expand stablecoin use beyond payments and improve integration with existing digital banking systems.
Matera, a banking software company, has unveiled a solution that aims to help banks offer stablecoins by overcoming two major hurdles: custody management and technical incompatibility with current banking systems. The company has partnered with Circle, the organization behind the USDC stablecoin, to roll out this new approach.
Many banks have been hesitant to enter the stablecoin market. Concerns include the risks and complexity of holding digital assets (“custody”) and the technical limitations of core banking platforms, which cannot easily process digital currencies that use more decimal places than traditional money.
According to Matera CEO Carlos Netto, the company’s platform currently serves 280 bank clients and supports 90 million digital accounts. Through the new collaboration with Circle, banks will be able to offer stablecoins to their customers without having to directly hold the cryptocurrency. This is expected to lower operational risks.
In the interview, Neto explained that the collaboration with Circle allows banks to integrate stablecoins for a wider range of uses, not just payments. “The new solution lets banks sidestep direct custody risks and opens doors to additional stablecoin applications,” he noted.
Stablecoins are digital currencies designed to maintain a stable value, often linked to the U.S. dollar. Consumers have been slow to adopt stablecoins due in part to the need to use crypto exchanges and the technical knowledge required to navigate blockchains. Allowing banks to offer these digital assets in a familiar setting may drive mainstream adoption.
The transcript with detailed comments from Matera’s CEO, including more strategic insights on stablecoins and the partnership with Circle, will be published separately. For now, the companies expect this approach to improve how digital currencies are integrated into everyday banking.
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