Circle is set to launch a global payments and remittance network powered by its USDC and EURC stablecoins
Circle, the company behind the USDC and EURC stablecoins, is creating a new global payments system to improve cross-border bank transactions.
According to a news release issued on April 21, the Circle Payments Network unites banks, fintech businesses, digital wallets, and other financial institutions to facilitate real-time, cross-border transactions utilising regulated stablecoins such as USD Coin (USDC) and EURC.
International payments now include multiple intermediaries, delayed settlement delays, and exorbitant fees, particularly for customers in emerging markets. CPN is intended to address inefficiencies by combining strong compliance standards, including KYC/AML and cybersecurity procedures, with 24-hour stablecoin settlement.
CPN provides a variety of use cases, including treasury operations, on-chain financial applications, payroll, remittances, and business payments. The technology enables developers to build financial tools and workflows directly on top of the network using smart contracts and modular application programming interfaces.
Circle is working with partners like Banco Santander, Deutsche Bank, Société Générale, and Standard Chartered to develop the network’s architecture and regulatory standards. Several other fintechs and infrastructure partners, such as BCB Group, Flutterwave, dLocal, Coins. ph, Zodia Markets, and Fireblocks, are assisting in the development of integrations and access points for local currencies.
Circle’s leadership envisions CPN as the foundation of a programmable, always-on financial system. “Since our founding, Circle’s vision has been to make moving money as simple and efficient as sending an email,” stated Circle co-founder and CEO Jeremy Allaire. “CPN is a significant step in making that vision a reality for businesses worldwide.”
The network is anticipated to launch in a limited capacity in May 2025, with membership accessible to all regulated financial institutions worldwide. The announcement comes as Circle and other cryptocurrency businesses such as Coinbase, Paxos, and BitGo are planning to apply for banking licenses in the United States, according to The Wall Street Journal on April 21.
Because of shifting regulatory attitudes, both crypto-native enterprises and traditional institutions such as Standard Chartered and Deutsche Bank are preparing to expand their presence in the US crypto sector. This marks a significant shift from previous years, when US regulators discouraged banks.
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