Circle, the company behind the $60 billion USD Coin (USDC) stablecoin, is set to unveil a new payments and cross-border remittance network on Tuesday. This strategic move, described by the company as its “next product move,” will be announced from Circle’s headquarters located on the 87th floor of One World Trade Center.
The launch event is targeting key players in the financial industry, including banks, fintech firms, payment service providers, remittance companies, and strategic partners of USDC. Circle CEO Jeremy Allaire is expected to share his vision for the stablecoin giant’s expansion within the payments sector, according to an invitation obtained by CoinDesk.
This development comes at a time of evolving global regulations that are creating new opportunities within the stablecoin space, where Circle competes with the larger stablecoin issuer, Tether. Industry observers note that Circle, having demonstrated its adaptability in the cryptocurrency market, appears to be strategically focusing on its foundational roots as a payments-oriented company.
According to a source familiar with the plans, Circle’s new network will initially focus on remittances but has broader ambitions to eventually compete with established payment giants like Mastercard and Visa.
A recent report by venture capital firm Andreessen Horowitz highlighted the growing adoption of stablecoins, suggesting their potential to disrupt global money transfers in a manner similar to the impact of WhatsApp on international calls. Crypto custody firm Fireblocks also recently noted the significant volume of cross-border payments being facilitated by stablecoins such as USDC and USDT.
