Circle, the company behind prominent stablecoins USDC and EURC, is launching an innovative Stablecoin Payments Network. This new system is designed to streamline international bank transactions, promising faster and more efficient cross-border money movement.
Currently, global payments are often hampered by numerous intermediaries, resulting in slow settlement times and significant fees, especially for users in developing economies. The Circle Payments Network (CPN) aims to overcome these hurdles by integrating regulated stablecoins like USD Coin (USDC) and EURC for real-time, around-the-clock settlement, while adhering to strict compliance standards such as KYC/AML and robust cybersecurity measures.
This new financial infrastructure caters to diverse applications, including corporate treasury management, on-chain financial protocols, international payroll processing, global remittances, and business-to-business payments. Furthermore, CPN empowers developers to construct unique financial tools and automated workflows directly on the network, leveraging smart contracts and flexible application programming interfaces.
To realize this vision, Circle is collaborating with major financial institutions including Banco Santander, Deutsche Bank, Société Générale, and Standard Chartered to refine the network’s architecture and compliance requirements. Integrations and local currency on/off-ramps are being developed with support from various fintech and infrastructure partners like BCB Group, Flutterwave, dLocal, Coins.ph, Zodia Markets, and Fireblocks.
Circle’s leadership sees CPN as a potential cornerstone for a future programmable, continuously operating financial ecosystem. “Since our founding, Circle’s vision has been to make moving money as simple and efficient as sending an email,” commented Jeremy Allaire, Circle’s co-founder and CEO. “CPN is a significant step in making that vision a reality for businesses worldwide.”
The network is planned for a limited launch phase beginning in May 2025, accessible to licensed financial institutions globally. This development occurs as Circle, alongside other players in the digital asset space like Coinbase and Paxos, are reportedly considering applying for U.S. banking licenses. This trend highlights a growing convergence between crypto-native firms and traditional banking, spurred by evolving regulatory attitudes and the desire of established banks to expand their footprint in the digital asset market.