circle Launches Innovative Global Payments Network
circle, teh company behind USDC and EURC stablecoins, is set to revolutionize cross-border transactions. The new Circle Payments Network (CPN) aims to simplify international payments by connecting banks, fintechs, and digital wallets.
Currently, international transactions are slow, costly, and involve multiple intermediaries. CPN tackles these issues by using regulated stablecoins like USDC and EURC. It offers 24/7 settlement with strong compliance measures, including KYC/AML and cybersecurity protocols.
CPN supports various use cases, such as treasury operations, payroll, and business payments. Developers can build financial tools on the network using smart contracts and APIs.
Circle is partnering with major banks like Banco Santander and Deutsche Bank to design the network. Fintechs like BCB Group and Flutterwave are also involved in building integrations.
Jeremy Allaire, Circle’s co-founder and CEO, believes CPN can transform the financial system. “Our goal is to make moving money as easy as sending an email,” he said. The network is set to launch in may 2025, open to licensed financial institutions globally.
This launch comes as Circle and other crypto firms prepare to apply for U.S. banking licenses, according to The Wall Street Journal. It reflects a shift in U.S. regulatory attitudes towards crypto.
