Circle has launched its payment network called "Circle Payments Network (CPN)" to utilize its stablecoins $USDC and $EURI .
The aim is to assist financial institutions with the movement and settlement of money on a global scale, according to Bitcoin.com News.
Circle has announced that more than 20 financial institutions have already joined, including remittance giant World Remit, Nigerian financial services firm Yellow Card, and crypto custody firm Fireblocks.
For a consulting role, names such as Standard Chartered and Deutsche Bank have been mentioned.
The goal of CPN is to leverage the flexibility offered by stablecoins to streamline cross-border payments in terms of remittances, bill payments, treasury services, and payroll.
"Existing cross-border payments can be slow and costly," said Circle in a post on X. "CPN is designed to bring efficiencies to the payment system. It is not only faster. It is programmable, secure, and always available."