The new network will use stablecoins such as USDC and EURC to help financial institutions facilitate global money movement and settlement.
USDC Issuer Circle Debuts Payments Network
Stablecoin firm Circle, issuer of USDC which currently has a market capitalization of roughly $61 billion, has launched “Circle Payments Network (CPN),” a collaborative group of financial institutions that use stablecoins to enable global movement and settlement of funds.
The company announced the network launch on Monday and said more than 20 financial institutions have already signed on. Circle listed companies such as remittance giant World Remit, Nigerian financial services firm Yellow Card, and crypto custody firm Fireblocks, as initial partners. Large banks like Standard Chartered and Deutsche Bank will take on an advisory role, and more companies will be gradually added to the network.
CPN’s goal is to take advantage of the flexibility stablecoins offer to overcome current operational friction in cross-border payments. Circle says CPN will support remittances, invoice payments, treasury services, and payroll.
“Existing cross-border payments can be slow and expensive,” Circle said in an X post. “CPN is designed to bring efficiencies to the payments system. It is not just faster. It is programmable, secure, and always available.”
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