The issuer of the USDC stablecoin, Circle, will launch the Circle Payment Network (CPN) payment platform in May, allowing financial institutions to conduct transactions in real-time 24/7 using their stablecoins. This is reported by Broker Finance.
The platform is focused on various services, including payroll disbursement, money transfers, treasury operations, and bill payments.
CPN supports over 20 partners, including WorldRemit and Deutsche Bank, and targets high-volume markets and developing countries where existing international payment systems are often slow and expensive.
Circle positions CPN as an alternative to SWIFT. This move signifies Circle's transition from being a stablecoin issuer to a provider of financial infrastructure.
Circle has already received in-principle approval from the Global Market Financial Services Regulatory Authority (ADGM) to provide financial services.
