Circle to launch cross-border payments network to challenge Visa and Mastercard

Odaily Planet News - Stablecoin giant Circle will launch a new payment and cross-border remittance product on Tuesday at its headquarters in the New York World Trade Center. The product is described as Circle's "next move," targeting banks, payment institutions, fintech companies, and USDC partners. Circle is the issuer of USDC, which currently has a market value of around $60 billion. The new network will initially focus on cross-border remittances and may potentially challenge traditional giants like Visa and Mastercard in the future. According to informed sources, Circle is working to return to its payment roots and expand the application of stablecoins in global payments. Against the backdrop of clearer stablecoin regulations, Circle also plans to go public in the US, but has postponed its IPO due to market volatility. The industry believes that as stablecoins like USDC and USDT are widely used for cross-border transfers, Circle's move may accelerate the process of stablecoins replacing traditional payment systems. (CoinDesk)