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Circle to launch a cross-border payment network based on stablecoins.

Circle Internet Group Inc., the provider of the world's second-largest stablecoin, plans to launch a payment network that will facilitate cross-border transactions using stablecoins.

The proposed network is being developed to connect financial institutions and technology companies. This includes payment service providers, digital wallet companies, and banking application providers. The goal is to enable real-time settlements for cross-border payments.

The launch of the Circle Payments Network was first reported by Coindesk. Circle's plans underscore a growing trend among both cryptocurrency and traditional financial companies to use stablecoins for faster and more cost-effective money transfers.

Currently, cross-border payments typically rely on the correspondent banking system. This system often leads to delays in settlements and additional costs due to the involvement of intermediaries. The new Circle network aims to address these issues by leveraging the advantages of stablecoins.