Circle Debuts Stablecoin-Based Network to Reduce Fees, Delays in Global Payment

Circle, the company behind the USDC stablecoin, has unveiled an infrastructure platform aimed at modernizing cross-border payments by allowing banks and financial institutions to move money instantly, 24/7, using fully reserved digital dollars ( USDC ) and euros ( EURC ).

The Circle Payments Network ( CPN) will allow banks and financial services to give money immediately, 24/7, using cryptocurrencies like USDC and EURC. It is designed to help receipt payments, remittances, bank services, payroll, and company payouts.

More than 20 design partners are already participating, including dLocal, World Remit, BVNK, Yellow Card, and Coins. acidity, signaling a rely on organizations operating in emerging businesses and high-volume payment corridors.

” We are not just building cryptocurrencies. We are building a current system for global bills,” Circle said in a blog on X.

The program takes purpose at the aging facilities of international finance. International banks settlements are extremely slow, cheap, and hindered by tradition systems.

  Though it ’s hardly the first banking to try and improve cross-border payment or remove SWIFT—and none have yet succeeded—Circle says businesses and pay providers will be able to move funds “at internet speed ” through programmable and secure payments that are always available.  

USD stablecoins now boast a combined market cap north of$ 231 billion, according to CoinGecko, with over$ 37 billion traded in the past 24 hours. Tether’s USDT continues to dominate at$ 144 billion, while Circle’s USDC accounts for around$ 60 billion of the market.

The start represents a strategic development of Circle’s position from a stablecoin lender to a company of the system that moves those assets at level.  

With CPN, Circle is trying to position itself as a basic level in the global financial load. The company says “leading businesses ” are helping shape the channel, referring to the officials listed on its website, which include Deutsche Bank and Standard Chartered.  

At the same time, Circle is looking to enhance its grip in the classic banking universe.  

As reported by on Monday, Circle is among a group of bitcoin firms—including BitGo, caretaker of the Trump family ’s bitcoin USD1—planning to seek U. S. banks charters or licenses as the former leader positions the nation as a possible “bitcoin power. ”