Banking Circle, a Luxembourg-based payments infrastructure provider, has extended its collaboration with OSL Group, a Hong Kong-based stablecoin payment and trading platform listed on the Hong Kong Stock Exchange (HKEX: 863), to expand fiat settlement support across five additional currencies. The partnership, previously limited to EUR, now covers six currencies in total (AUD, EUR, GBP, HKD, SGD, and USD) as OSL's business-to-business operations expand into new markets.
Infrastructure and platform capabilities
Under the expanded collaboration, Banking Circle will provide OSL with infrastructure to streamline fiat settlement, crypto conversion, and liquidity management across its business platforms. The arrangement runs on Banking Circle's instant payment network, BC-Now, which operates continuously, including weekends and holidays. Through this network, OSL enables institutional clients to receive, convert, and settle funds globally throughout the year via a single platform, removing the need to maintain separate banking relationships across multiple jurisdictions.
The expansion coincides with the development of clearer regulatory frameworks for digital assets, including the Markets in Crypto-Assets Regulation (MiCAR) in the EU and the GENIUS Act in the US, both cited as factors supporting increasing institutional adoption of stablecoins. OSL's European subsidiary, OSL EU, was recently authorised as a Crypto-Asset Service Provider under MiCAR by the Austrian Financial Market Authority, a step that extends the group's regulatory footprint in Europe. As stablecoins become more integrated into regulated financial services, market participants increasingly require fiat connectivity that supports compliant on- and off-ramp capabilities alongside payments and settlement.
Company comments
Kirit Bhatia, Chief Digital Assets Officer at Banking Circle, said the expansion reflects a broader shift among digital asset firms toward real-world payment use cases, noting that the company is supporting OSL with the infrastructure needed to help its clients move funds across currencies, markets, and payment rails. In addition, Eugene Cheung, Chief Commercial Officer at OSL Group, said the next phase of digital asset adoption will be driven by payment use cases, adding that as businesses look to move between fiat currencies and stablecoins, they require infrastructure that is regulated, scalable, and internationally connected. The expanded relationship with Banking Circle was described as reinforcing the foundation of OSL's global operations across additional currencies and markets.
Banking Circle positions itself as combining global reach and real-time payment capability with the regulatory status of a licensed bank, providing financial institutions, including OSL, with the means to move funds across markets, currencies, and rails through a single interoperable platform.
