Circle launches global payment network CPN, USDC and EURC to create stablecoin cross-border financial services

Stablecoin issuer Circle officially announces the launch of Circle Payments Network (CPN), with regulated products such as USDC and EURC stablecoins at its core, connecting global financial institutions to achieve low-cost, instant, and transparent cross-border payments, marking a new milestone in stablecoin application and popularization. Circle announced CPN yesterday, aiming to connect banks, emerging banks, payment service providers (PSP), virtual asset service providers (VASP), and digital wallets for 24/7 cross-border payment instant settlement. CPN utilizes regulated stablecoins like USDC and EURC to provide a faster, more transparent, and programmable payment experience. According to World Bank data, current cross-border payments have an average settlement time of over one working day, with fees exceeding 6%, adversely affecting emerging markets. CPN is designed to simplify payment processes, reduce costs, and enhance transaction transparency through blockchain technology. The CPN network participants undergo strict qualification reviews, requiring financial institutions to have relevant licenses, anti-money laundering (AML) and counter-terrorist financing (CFT) compliance measures, financial risk management capabilities, and cybersecurity protection mechanisms. This initiative has received support from multiple international banks, including Banco Santander, Deutsche Bank, Société Générale, and Standard Chartered, collaboratively helping design a network architecture that meets global financial institution needs. CPN supports not only supplier payments, remittances, payroll, capital market settlements, and internal financial operations but also on-chain financial applications. Through modular API and smart contract infrastructure, developers can build advanced modules, application services, and automated financial processes on CPN. Several fintech companies and payment platforms have already joined CPN's design partners, including Fireblocks, Yellow Card, Conduit, RedotPay, and Zodia Markets. Recently, Circle launched the Refund Protocol to address the lack of refund and dispute resolution mechanisms in stablecoin transactions. Using non-custodial smart contracts, it enables transparent and programmable fund escrow, with neutral arbitrators helping resolve transaction disputes without centralized intermediaries. Simultaneously, Circle is preparing for a U.S. listing. According to documents submitted to the SEC from 2021 to 2024, Circle has issued over $504.3 billion in USDC, with total revenue of $1.68 billion last year and an estimated valuation of $9 billion, demonstrating its stablecoin business's core position and financial stability.