Circle has just introduced the Circle Payments Network with over 20 financial partners, aiming to leverage USDC and EURC to enhance cross-border payment efficiency.
Circle – the stablecoin issuing company behind USDC with a market capitalization of around 61 billion USD – has just officially launched the Circle Payments Network (CPN). This initiative brings together financial institutions using stablecoins to promote global payments, according to an announcement released on Monday.
The new network has attracted over 20 financial institutions from the initial stage. The pioneering partners include World Remit – a global money transfer group, Yellow Card – a financial services company in Nigeria, and Fireblocks – a digital asset custody company. Notably, major international banks such as Standard Chartered and Deutsche Bank also participate in an advisory role. Circle stated that it will continue to expand the member list in stages.
Overcoming limitations of traditional payment systems
"Cross-border payments are currently often slow and expensive," Circle shared on the X platform. "CPN is designed to improve payment system performance. Not only is it faster, but it is also programmable, secure, and operates 24/7."
The main goal of CPN is to leverage the flexibility of stablecoins to overcome current operational limitations in cross-border payments. The network will support essential financial activities such as remittances, invoice payments, Treasury services, and international payroll.
