USDC Partnership Cuts LuLuFin Settlement Costs by 30%
LuLu Financial Holdings (LuLuFin) and Circle have announced that their partnership using the USDC stablecoin has led to a significant reduction in settlement costs, with LuLuFin reporting a decrease of between 25% and 30% compared to traditional correspondent banking.
The integration of Circle Mint's infrastructure and the use of USDC tokens has also resulted in a 40% increase in total settlement volume for LuLuFin.
According to LuLuFin, the time it takes to credit beneficiary accounts is now under one minute after the settlement on the blockchain is completed.
The partnership between LuLuFin and Circle began in December 2024, following Circle's incorporation into the Abu Dhabi Global Market (ADGM), which facilitated the structuring of regulated payment corridors between the Middle East, Asia, and Europe.